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USD/CAD Potential Upward Movement

USD/CAD Long-Term Trend: Bullish

Key Resistance Levels: 1.2202, 1.2248, 1.2300

Key Support Levels: 1.2131, 1.2045, 1.2012

Daily Chart:

The price on the daily time frame is trending to the upside where it shifted direction as indicated by the arrow. The price now is in a middle of a correction, and we expect the market to rally again once this pullback ends.

USD/CAD Medium-Term Trend: Bullish

1-hour Chart:

On the 1-hour time frame, the pair is trading inside a pennant flag. The bias is a breakout to the upside but before this move, we might see a re-test of the highlighted zone. The market could rally all the way up toward the target profit in the coming hours.

Signal Idea:

Buy Market Order @ 1.2174

TP 1 @ 1.2201

TP 2 @ 1.2248

Stop Loss @ 1.2161

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.

3 comments

  1. OK, now it works – thank you and have a sunny day:)

  2. Doesn’t work. Wrong Entry, TP, SL:)

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