Forex Analysis & Reviews: USDCAD Potential for Bullish Rise to 61.8% Fibonacci line

Description :
Looking at the H4 chart, my overall bias for USDCAD is bullish as the current price is above the Ichimoku Cloud. Looking for a pullback buy entry at 1.34295 where the 38.2% Fibonacci line is. We are looking to take profit at 1.35352 where the 61.8% Fibonacci line is, Stop loss will be placed at 1.33638, where the recent swing low is.

Trading Recommendation
Entry: 1.34295
Reason for Entry: 38.2%
Fibonacci line
Take Profit: 1.35352
Reason for Take Profit:
61.8% Fibonacci line
Stop Loss: 1.33638
Reason for Stop Loss:
the recent swing low

*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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