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USD/CAD Potential Upward Movement

USD/CAD Long-Term Trend: Bullish

Key Resistance Levels: 1.27534, 1.27855, 1.280000.

Key Support Levels: 1.27162, 1.26962, 1.26810.

1-Hr Time Frame:

The price on the higher time frame succeeded to break the bearish trend line to the upside after the bears were trapped below the support around the 1.27165 CAD level. This shows that the buyers took control of the market and might push it upward all the way up toward the next key resistance levels.

USD/CAD Medium-Term Trend: Bullish

10-Mins Time Frame:

On the lower time frame, the buyers succeeded to break the bearish trend line to the upside after a double bottom formation. A lower correction could be seen to the support level to bring back liquidity before a new bullish impulsive wave toward the target profits.

Buy Market Order @ 1.27214

Target Profit 1 @ 1.27534

Target Profit 2 @ 1.27855

Stop Loss @ 1.26893

Trade Safely 🙂

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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