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USD/CAD Potential Upward Movement

USD/CAD Long-Term Trend: Bullish

Key Resistance Levels: 1.3049, 1.3078, 1.3150

Key Support Levels: 1.2944, 1.2868, 1.2835

4-Hour Chart:

The price on the higher time frame was trending in the downwards direction and faced rejection around 1.2520 level and reversed the direction. The two resistance levels of 1.2787 and 1.2882 have been broken and good momentum is seen in the price after some volatility during the data release.

USD/CAD Medium-Term Trend: Bullish

30-Minute Chart:

On the lower time frame, the pair is moving in the major trend’s direction. The price has formed a higher-high, higher-low pattern and respects the trendline. It recently retested the minor level of 1.2944 and is continuing the momentum again. 

Signal Idea:

Buy Stop Order @ 1.2983

TP 1 @ 1.3044

TP 2 @ 1.3166

Stop Loss @ 1.2922

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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