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26.01.202208:15 Forex Analysis & Reviews: USDCAD, Bullish Pressure | 26th Jan 2022

Exchange Rates 26.01.2022 analysis

On the H4, with price moving above the ichimoku cloud, we foresee potentially a bullish bounce that price will bounce from our 1st support at 1.26091 which is in line with horizontal overlap resistance and 38.2% Fibonacci retracement to 1st resistance at 1.27274 in line with the 78.6% Fibonacci retracement, which is a horizontal swing high resistance. Alternatively, price may break 1st support structure and head for 2nd support at 1.24604, in line with 100% Fibonacci projection and horizontal swing low support.

Trading Recommendation

Entry:1.26091

Reason for Entry:

Horizontal overlap resistance and 38.2% Fibonacci retracement

Take Profit: 1.27274

Reason for Take Profit:

Horizontal swing high resistance and 78.6% Fibonacci retracement

Stop Loss: 1.24604

Reason for Stop Loss:

Horizontal swing low support and 100% Fibonacci projection

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

Dean Leo,
Analytical expert of InstaForex
© 2007-2022
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