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USDCAD BEARISH CONTINUATION SETUP
Hi Traders,
The USDCAD reversed from a key resistance level and made an impulsive move "Wave 1 or A" which break below weekly support level and short term ascending trend line.
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Currently, the price is retesting the broken support level that lined up with 38.2 Fib ratio and moving averages as resistance.
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Considering that the price is about to complete the bullish corrective structure which is most likely "Wave 2 or B." We will short this pair after the breakout of the parallel channel "black" or breaks below the low of "X" for a more conservative short entry.
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The first target for this setup is medium-term trendline that lined up with -27.0 Fib ratio and the second target is long term trendline that lined up with weekly support level.
.
Best of luck on the charts,
Veejahbee.
The USDCAD reversed from a key resistance level and made an impulsive move "Wave 1 or A" which break below weekly support level and short term ascending trend line.
.
Currently, the price is retesting the broken support level that lined up with 38.2 Fib ratio and moving averages as resistance.
.
Considering that the price is about to complete the bullish corrective structure which is most likely "Wave 2 or B." We will short this pair after the breakout of the parallel channel "black" or breaks below the low of "X" for a more conservative short entry.
.
The first target for this setup is medium-term trendline that lined up with -27.0 Fib ratio and the second target is long term trendline that lined up with weekly support level.
.
Best of luck on the charts,
Veejahbee.
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