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USD/CAD Potential Upward Movement

USD/CAD Long-Term Trend: Bullish

Key Resistance Levels: 1.29296, 1.29497, 1.29967.

Key Support Levels: 1.28054, 1.27811, 1.27646.

Daily Time Frame:

The price on the higher time frame is in a clear upward movement where higher highs and lows has been posted. Recently the market corrected to the support level where an engulfing bullish pattern has been posted showing that a new impulsive wave will push the price to the upside toward the next key resistance level.

USD/CAD Medium-Term Trend: Bullish

1-Hr Time Frame:

On the lower time frame, the price succeeded to break the bearish channel to the upside where a small consolidation phase has been seen under the support zone (1.28148 CAD). A lower correction could be seen before a new bullish impulsive wave toward the target profits.

Buy Limit Order @ 1.28148

TP 1 @ 1.29207

TP 2 @ 1.29497

Stop Loss @ 1.27624

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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