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USD/CAD Potential Downside Movement

Key Resistance Levels: 1.2767, 1.2797, 1.2830

Key Support Levels: 1.2695, 1.2665, 1.2630

USD/CAD Price Long-Term: Bearish

Daily Chart:

The pair is in a clear downtrend on Daily time frame where we can see a double top formation around the 1.2860 level. We have a breakout of the daily support @ 1.2767 mark and the price posted a big engulfing bearish candlestick which signals that sellers are overwhelming the buyers.

1-hour Chart:

On the 1-hour time frame, the price is trading within a descending channel. The price posted a correction count towards the top end of the channel pattern where there is the 61.8% Fibonacci retracement and might cause a reversal to the downside towards the 1.2630 level.

Signal Idea:

Sell Order @ 1.2728

TP 1 1.2630

TP 2 1.2665

Stop Loss 1.2767

About Joe Damien

Joe is a proven Forex analyst and manual trader with 6 years of full-time trading experience. He is a swing trader that relies on price action, market structure and Fibonacci retracement. His two most successful pairs are CHF/JPY, CAD/JPY, but his expertise allows him to profit on any asset or pair.

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