USDCAD Trading Idea

Price dropped to the support level and the pair is going to reverse. RSI is in oversold zone and confirms price reversal. MACD histogram is going to rise and also it gives us the 2nd confirmation for possible up movement. DMI indicator shows strong down movement and for opening long trades it's better to wait when ADX line starts falling. Entry level for long trades should be above 1.33150 with stop below 1.31500 level. Profit target for long trades should be near 1.34000 and 1.35000 levels. If price breaks 1.32000 level, we'll have short opportunity. Sell-stop orders should be placed below 1.31500 with stop above 1.33200 level. Profit target for short trades is near 1.30000 level. For better entry we can use lower timeframes for long and short trades.

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