Forex Analysis & Reviews: USDCAD Potential for Bullish Rise | 10th August 2022

On the H4, with the price going above ichimoku cloud, and DIF is breaking the signal line in MACD, we have a bullish bias that the price may rise from our 1st resistance at 1.29011, which is in line with previous swing high to our 2nd resistance at 1.29831, which is in line with the 78.6% fibonacci projection and 50% fibonacci retracement. Alternatively, the price may drop to the 1st support at 1.28483, which is in line with 61.8% fibonacci retracement and pullback support.

Trading Recommendation
Entry:1.29011
Reason for Entry:Swing high
Take Profit: 1.29831
Reason for Take Profit: 78.6% fibonacci projection and 50% fibonacci retracement
Stop Loss: 1.28483
Reason for Stop Loss:
61.8% fibonacci retracement and pullback support

*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

Read More https://ifxpr.com/3p6weLR