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USDCAD bearish reversal | 11th Oct 2021

analytics6163c9fe76b06.jpg

On the H4, current price is moving below the ichimoku cloud suggesting a continuation of its bearish movement. Price may possibly head back to 1st resistance at 1.24977 in line with the 23.6% Fibonacci retracement, closer to the existing descending trend line resistance area before dropping lower to 1st support at 1.24216 which is a graphical horizontal swing low support in line with the 100% Fibonacci projection. Otherwise, if price does not do the retest at 1st resistance and it is likely to just continue to drop to 1st support from current position.

Trading Recommendation

Entry:1.24977

Reason for Entry:

Horizontal overlap resistance and 23.6% Fibonacci retracement

Take Profit: 1.24216

Reason for Take Profit:

100% Fibonacci projection and Horizontal swing low support

Stop Loss:1.25797

Reason for Stop Loss:

38.2% Fibonacci retracement, 61.8% Fibonacci retracement and Graphical overlap resistance

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