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USD/CAD| Possible Long-term bullish reversal

USD/CAD Long-Term Trend: Bullish

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Key Resistance Levels: 1.26943, 1.27263, 1.27717

Key Support Levels: 1.26430, 1.26245, 1.26061

1-Day Chart:

We have been trading downwards since December 20th, but it looks like we may be visiting a strong support zone, which may result in sideways movement and possibly some move to the upside as the down trend comes to an end.

USD/CAD Medium-Term Trend:Bullish

TradingView Chart

1-Hour Chart:

We are currently trading off of the support line in a wedge. If the support line can hold, we can expect a move to the resistance line, and possible even a breakout into the higher resistance levels. Also out for the economic news expected this week, there is quite a bit of US data due.

Signal Idea:

Buy Limit Order @ 1.26522

TP 1 @ 1.27901

TP 2 @ 1.28911

Stop Loss @ 1.25724

Trade Safely 🙂

About Patrick Mwenge

A chartered accountant and trader, Patrick has 7 years of financial market experience, covering commodities,FX, equities as well as crypto currencies. Patrick leverages both long term Elliot wave analysis alongside volume and time price opportunity to explore trading opportunities on both long and short term timeframes.

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