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USD/CAD Potential Downward Movement

USD/CAD Long-Term Trend: Bearish

Key Resistance Levels: 1.2655, 1.2752, 1.2810

Key Support Levels: 1.2504, 1.2469, 1.2405

Daily Time-frame:

The price on the higher time frame has recently broken dynamic support of 1.2609 and heading towards the downward direction. We can also see rejection wicks in recent candles. We expect the move to continue with some momentum.

USD/CAD Medium-Term Trend: Bearish

1-Hour Time-frame:

On the lower time frame, the pair is moving in the direction of the major trend. we can see a lower-high, lower-low pattern formation and the price has broken a minor support zone. If the price holds below the upper resistance line, the trend should be maintained.  

Signal Idea:

Sell Limit Order @ 1.2591

TP 1 @ 1.2507

TP 2 @ 1.2456

Stop Loss @ 1.2633

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.

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