USDCAD bearish continuation | 21st Oct 2021

On the H4, with the existing bearish sentiment where price is moving below the ichimoku and in a downwards trend, we may expect to see price head for 1st support at 1.22514 which is a horizontal swing low support in line with the 100% Fibonacci projection. Our bearish bias is further supported by the fact that price is moving below the moving average. Alternatively, price may retest at 1st resistance at 1.23219 which is a horizontal overlap resistance before continuing with its downwards trend.

Trading Recommendation

Entry:1.23219

Reason for Entry:

Horizontal overlap resistance

Take Profit: 1.22514

Reason for Take Profit:

100% Fibonacci projection

Stop Loss:1.23581

Reason for Stop Loss:

Horizontal swing high resistance

The material has been provided by InstaForex Company - www.instaforex.com

from RobotFX