Support & Resistance

USDCAD Potential for Bearish Continuation | 12th January 2023

USDCAD Potential for Bearish Continuation | 12th January 2023

The H4 chart shows a bearish bias, and the price is below the Ichimoku cloud, indicating a bearish market. The descending trendline has also been crossed, implying strong bearish momentum. If the current bearish momentum persists, the price may go towards the first support at 1.33569, where the recent low is. Alternatively, the price may go up and test the first resistance at 1.34841, where the 38.2% Fibonacci line is.

Trading Recommendation

Entry: 1.34841

Reason for Entry:

Retest the 1st resistance line

Take Profit: 1.32259

Reason for Take Profit:2nd support line

Stop Loss: 1.36645

Reason for Stop Loss:

2nd resistance line

Andrew Johnson is a seasoned journalist with a keen interest in the commodity market. He is a regular contributor to Livemarkets.com, where he covers the latest news, trends, and analysis related to the commodity industry. With years of experience under his belt, Andrew has established himself as a reliable source of information on the global commodity market.