USDCAD bearish retracement | 18th Nov 2021

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On the H4, with price approaching resistance on the stochastics indicator and the a graphical level, we have a bearish bias that price will dip to 1st support at 1.25573 in line with the graphical overlap support and possibly to 2nd support at 1.24967 in line with the graphical overlap support and 38.2% Fibonacci retracement area at 1.24967 from 1st resistance at 1.26354 in line with the horizontal overlap resistance and 127.2% Fibonacci extension level. Alternatively, we may see price break 1st resistance structure and head for 2nd resistance at 1.27169 in line with the 100% Fibonacci projection level and horizontal swing high resistance.

Trading Recommendation

Entry: 1.26354

Reason for Entry:

Graphical horizontal overlap resistance and 127.2% Fibonacci extension

Take Profit: 1.25573

Reason for Take Profit:

Graphical overlap support

Stop Loss: 1.27169

Reason for Stop Loss:

100% Fibonacci projection level and horizontal swing high resistance.

The material has been provided by InstaForex Company - www.instaforex.com

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