USDCAD bullish bounce | 16th Nov 2021

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On the H4, with price moving above our ichimoku cloud, we have a bullish bias that price will bounce from 1st support at 1.24935 in line with the graphical swing overlap support and 38.2% Fibonacci retracement to our 1st resistance at 1.26028 in line with the horizontal overlap resistance and possibly to 2nd resistance at 1.27083 in line with our horizontal overlap resistance and 100% Fibonacci projection level. Alternatively, we may see price break 1st support structure and head for 2nd support at 1.24100 in line with the 61.8% Fibonacci retracement level and horizontal swing low support.

Trading Recommendation

Entry: 1.24935

Reason for Entry:

graphical swing overlap support and 38.2% Fibonacci retracement

Take Profit: 1.26028

Reason for Take Profit:

horizontal overlap resistance

Stop Loss: 1.24100

Reason for Stop Loss:

61.8% Fibonacci retracement level and horizontal swing low support

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

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