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USD/CAD Potential Downward Movement

USD/CAD Long-Term Trend: Bearish

Key Resistance Levels: 1.3525, 1.3595, 1.3682

Key Support Levels: 1.3376, 1.3291, 1.3213

Daily Chart:

The price on the higher time frame was trading in an uptrend and recently it has reversed direction after facing resistance at the 1.3813 level. It has tested that area several times and rejected which indicates a bearish bias.     

USD/CAD Medium-Term Trend: Bearish

1-Hour Chart:

On the lower time frame, the pair is moving in the major trend’s direction. It has recently broken a support level of 1.3682 and sustained below that. The pair has also now broken and retested another level of 1.3525 before continuing the momentum.

Signal Idea:

Sell Stop Order @ 1.3461

TP 1 @ 1.3387

TP 2 @ 1.3276

Stop Loss @ 1.3535

Trade Safely 🙂

About Vipul Rathaur

A trader with more than six years of experience, Vipul is a discretionary trader and uses multi time frame analysis for his analysis and price action for his trade signals. Believes that risk management is the secret to making it in this world. He trades major Forex pairs, Indices, and Commodities.

2 comments

  1. hello is this signal still on or is it cancelled because didn’t hit sl but didn’t hit tp either

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