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USD/CAD Potential Downward Movement

USD/CAD Long-Term Trend: Neutral

Key Resistance Levels: 1.2776, 1.2850, 1.2945

Key Support Levels: 1.2640, 1.2497, 1.2307

Daily Time-frame:

The price on the higher time frame is under a key resistance point and looks like a reversal but the price is still maintaining above the Support and there is no clear direction yet. Bearish bias seems strong as long as it is under Resistance1.

USD/CAD Medium-Term Trend: Bearish

1-Hour Time-frame:

Price continued a bearish move for the last 10 days of December and then made a trend reversal. Touched key resistance at 1.2780 and now looks to be changing the direction again towards bearish side. We expect it to continue the move on the short side for the upcoming days.

Signal Idea:

Sell Stop Order @ 1.2729

TP 1 @ 1.2659

TP 2 @ 1.2645

Stop Loss @ 1.2758 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.

4 comments

  1. Your analysis is correct as price is moving towards the downside. The stop loss was hit, probably caused by some news, because all indicators point down.

  2. Hi, is sell limit or sell stop ?

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