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02.02.2023 10:34 AM
USDCAD Potential for Bearish Drop towards previous swing low

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Description :

Looking at the H4 chart, my overall bias for USDCAD is bearish due to the current price being below the Ichimoku cloud, indicating a bearish market. Looking for a pullback sell entry at 1.33036, where the overlap resistance and 38.2% Fibonacci line is. Stop loss will be at 1.33796, where the recent high is. Take profit will be at 1.32259, where the previous swing low is.

Trading Recommendation

Entry: 1.33036

Reason for Entry: Overlap resistance and 38.2% Fibonacci line

Take Profit: 1.32259

Reason for Take Profit:

Previous swing low

Stop Loss: 1.33796

Reason for Stop Loss:

Recent high

Dean Leo,
Analytical expert of InstaForex
© 2007-2024
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