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USD/CAD Potential Upward Movement

USD/CAD Long-Term Trend: Bullish

Key Resistance Levels: 1.2629, 1.2735, 1.2832

Key Support Levels: 1.2475, 1.2365, 1.2242

Daily Chart:

The price on the higher time frame is in a clear downtrend where it failed to break the strong support around the 1.2365 USD mark. This led to a move upward and it might be the beginning of a reversal. currently, the price posted a correction count around the 61.80% Fibonacci retracement level, and after it we expect the price to move upward again.

USD/CAD Medium-Term Trend: Bullish

4-hour Chart:

On the 4-hr time frame, the price is trading inside a wedge formation where the price managed to break it to the upside. A lower correction might be seen to the highlighted zone before a rally toward our designated target profit.

Signal Idea:

Buy Limit Order @ 1.2536

TP 1 @ 1.2623

TP 2 @ 1.2735

Stop Loss @ 1.2493

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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