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USD/CAD Potential Downward Movement

USD/CAD Long-Term Trend: Bearish

Key Resistance Levels: 1.2668, 1.2742, 1.2844

Key Support Levels: 1.2562, 1.2495, 1.2435

Daily Time-frame:

The price on the higher time frame has broken a range to the downside after a long time trading in that range. The pair did break to the upside but did not sustain and created a big rejection wick that shows a bearish sign. 1.2648 level should now act as a resistance.

USD/CAD Medium-Term Trend: Bearish

1-Hour Time-frame:

On the lower time frame, the price started moving in a lower-low, lower-high formation after rejection from the top. The pair has broken the support level of 1.2655 and continued the move after a retest to that level.

Signal Idea:

Sell Limit Order @ 1.2625

TP 1 @ 1.2582

TP 2 @ 1.2541

Stop Loss @ 1.2665

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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