USDCAD bearish reversal | 8th Oct 2021

On the H4, current price is moving below the ichimoku cloud suggesting a continuation of its bearish movement. Price may possibly head back to 1st resistance at 1.25798 in line with the 38.2% Fibonacci retracement and at the trend line resistance area before dropping lower to 1st support at 1.24938 which is a horizontal swing low. Otherwise, if price does not do the retest at 1st resistance and it is likely to just continue to drop to 1st support.Trading RecommendationEntry:1.25798Reason for Entry:Horizontal overlap support and 38.2% Fibonacci retracementTake Profit: 1.24938Reason for Take Profit: 61.8% Fibonacci projection and Graphical supportStop Loss:1.25789Reason for Stop Loss: 38.2% Fibonacci retracement, 78.6% Fibonacci retracement and Graphical resistanceThe material has been provided by InstaForex Company - www.instaforex.com

USDCAD bearish reversal | 8th Oct 2021

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On the H4, current price is moving below the ichimoku cloud suggesting a continuation of its bearish movement. Price may possibly head back to 1st resistance at 1.25798 in line with the 38.2% Fibonacci retracement and at the trend line resistance area before dropping lower to 1st support at 1.24938 which is a horizontal swing low. Otherwise, if price does not do the retest at 1st resistance and it is likely to just continue to drop to 1st support.

Trading Recommendation

Entry:1.25798

Reason for Entry:

Horizontal overlap support and 38.2% Fibonacci retracement

Take Profit: 1.24938

Reason for Take Profit:

61.8% Fibonacci projection and Graphical support

Stop Loss:1.25789

Reason for Stop Loss:

38.2% Fibonacci retracement, 78.6% Fibonacci retracement and Graphical resistance

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