USDCAD Bearish Reversal | 23rd Nov 2021

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On the H4, with price expected to reverse off the resistance on the stochastics indicator and the a graphical horizontal level, we have a bearish bias that price will dip to 1st support at 1.26444 in line with the graphical overlap support and possibly to 2nd support at 1.25968 in line with the graphical overlap support from 1st resistance at 1.27244 in line with the horizontal overlap resistance and 100% Fibonacci projection level. Alternatively, we may see price break 1st resistance structure and head for 2nd resistance at 1.27696 in line with the 78.6% Fibonacci retracement level and horizontal swing high resistance.

Trading Recommendation

Entry: 1.27244

Reason for Entry:

Horizontal overlap resistance and 100% Fibonacci projection level

Take Profit: 1.26444

Reason for Take Profit:

Graphical overlap support

Stop Loss: 1.27696

Reason for Stop Loss:

Horizontal swing high resistance and 78.6% Fibonacci retracement level

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

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