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MEX_Exchange

USDCAD on major support, look to buy for a long term position

Long
U.S. Dollar / Canadian Dollar (FX:USDCAD)  
MEX_Exchange  
FX:USDCAD   U.S. Dollar / Canadian Dollar
Trend Analysis Harmonic Patterns Chart Patterns USDCAD USD CAD usdcadshort usdcadlong usdcadforecast usdcaddaily Forex forextrading
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trendanalysis harmonicpatterns chartpattern usdcad usd cad usdcadshort usdcadlong usdcadforecast usdcaddaily forex forextrading
Buy above 1.2460. Stop loss at 1.2142. Take profit at 1.3000.
Reason for the trading strategy (technically):
Price is testing major support at 1.2460 (major swing low for past 2 years, Fibonacci extension, bullish price action) and we expect to see a long term correction from this level towards at least 1.3000 resistance (Fibonacci retracement, horizontal pullback resistance).
Stochastic (34,5,3) is bouncing nicely off our 0.85% support.
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