Forex Analysis & Reviews: USDCAD Potential For Bullish Rise | 24th August 2022

On the H4, with the price above the ichimoku cloud and moving within the ascending trendline, we have a bullish bias that if the price break the 1st resistance at 1.29836, which is the current swing high and 38.2% fibonacci retracement, the price may rise to the 2nd resistance at 1.30632, which is in line with the swing high. Alternatively, the price may drop to the 1st support at 1.28899, where the 50% fibonacci retracement is. Take note the price of 1.29328 could be the intermediate support, if the price breaks this support, the ascending trendline will be broken.

Trading Recommendation
Entry: 1.29836
Reason for Entry: Current swing high and 38.2% fibonacci retracement,
Take Profit: 1.30632
Reason for Take Profit: Swing highStop Loss: 1.28899
Reason for Stop Loss:
50% fibonacci retracement

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Analysis are provided by InstaForex

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