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USD/CAD Potential Downward Movement

USD/CAD Long-Term Trend: Bearish

Key Resistance Levels: 1.2813, 1.2866, 1.2899

Key Support Levels: 1.2730, 1.2703, 1.2659

Daily Chart:

The price on the higher time frame has recently reversed the direction after facing a rejection from the 1.3080 level. There are a few big rejection wicks seen and it has broken a support level of 1.2949 and 1.2839 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. The pricec started the bearish move after facing a rejection from the 1.2899 area and broke the support level of 1.2866. It has now broken and retested a minor support level of 1.2813 

Signal Idea:

Sell Stop Order @ 1.2780

TP 1 @ 1.2736

TP 2 @ 1.2670

Stop Loss @ 1.2824

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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