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USD/CAD Potential Upward Movement

USD/CAD Long-Term Trend: Bullish

Key Resistance Levels: 1.2253, 1.2322, 1.2350

Key Support Levels: 1.2083, 1.1942, 1.1800

Daily Chart:

The price on the higher time frame was in a downtrend before facing a strong support around the 1.2083 USD mark. We can see that the price get stuck above this level and try to reverse.

USD/CAD Medium-Term Trend: Bullish

1-hour Chart:

On the 1-hour time frame the price is trading inside a parallel channel which shows that the market is in a clear fight between sellers and buyers which could lead to a breakout from either side. Our expectation is a move to the upside after it broke the bullish flag.

Signal Idea:

Buy Market Order @ 1.2144

TP 1 @ 1.2206

TP 2 @ 1.2253

Stop Loss @ 1.2114

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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