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USD/CAD Potential Downward Movement

USD/CAD Long-Term Trend: Bearish

Key Resistance Levels: 1.23555, 1.24519, 1.25000.

Key Support Levels: 1.22720, 1.21925, 1.21000.

Daily Chart:

The price on the higher time frame succeeded to break the 1.23600 CAD mark after leaving a fakeout which is represented with long wicks to the upside. This also shows that the sellers took control of the market and further movement to the downside could be expected in the coming hours.

USD/CAD Medium-Term Trend: Bearish

4-Hour Chart:

On the lower time frame, the pair is traded inside a bearish channel formation showing that we are in a clear downward movement. In addition, the market succeeded to break the bearish flag formation to the downside. A higher correction is expected to the new resistance zone before a new downward impulsive wave.

Signal Idea:

Sell Limit Order @ 1.23508

TP 1 @ 1.22751

TP 2 @ 1.21925

Stop Loss @ 1.23870

Trade Safely 🙂

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.

One comment

  1. I spotted this trade myself and was looking forward to it but it really just timed out.

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