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USD/CAD Potential Upward Movement

USD/CAD Long-Term Trend: Bullish

Key Resistance Levels: 1.28925, 1.29295, 1.29948.

Key Support Levels: 1.27927, 1.27384, 1.26988.

Daily Time Frame:

The price on the higher time frame is in a clear upward movement where the price is posting higher highs and lows and succeeded to break the resistance levels. A correction is about to end near the 1.27927 CAD mark which could lead to a new bullish impulsive wave in the same direction of the main trend.

USD/CAD Medium-Term Trend: Bullish

1-Hr Time Frame:

On the lower time frame, the market succeeded to break the bullish flag formation to the upside by the help of the double bottom. We expect further movement to the upside but before that a lower correction could be seen to the highlighted zone.

Signal Idea:

Buy Limit Order @ 1.28041

TP 1 @ 1.28925

TP 2 @ 1.29295

Stop Loss @ 1.27750

Trade Safely 🙂

In many cases we manually use market orders instead of pending orders to trade the trading ideas we send you. This is higher risk, and you can decide if it suits your trading style.

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.

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