USDCAD Bullish Pressure | 8th Dec 2021

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On the H4, with price approaching the support of the stochastics indicator, we have a bullish bias that price will rise from 1st support at 1.26227 in line with the graphical overlap support and 61.8% Fibonacci retracement to 1st resistance at 1.27310 in line with the graphical overlap resistance and possibly to 2nd resistance at 1.28397 in line with the horizontal swing high resistance. Alternatively, we may see price break 1st support structure and head for 2nd support at 1.24975 in line with the horizontal swing low support and 78.6% Fibonacci retracement.

Trading Recommendation

Entry: 1.26227

Reason for Entry:

Graphical overlap support and 61.8% Fibonacci retracement

Take Profit: 1.27310

Reason for Take Profit:

Graphical overlap resistance

Stop Loss: 1.24975

Reason for Stop Loss:

Horizontal swing low support and 78.6% Fibonacci retracement

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

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