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theforexarmy

USDCAD Approaching Support, Prepare For A Bounce!

Long
U.S. Dollar / Canadian Dollar (FX:USDCAD)  
theforexarmy  
FX:USDCAD   U.S. Dollar / Canadian Dollar
Trend Analysis Harmonic Patterns Chart Patterns USDCAD USD CAD usdcadlong Forex forexsignals
1
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trendanalysis harmonicpatterns chartpattern usdcad usd cad usdcadlong forex forexsignals
Buy above 1.3065. Stop loss at 1.2949. Take profit at 1.3262.
Reason for the trading strategy (technically):
USDCAD is approaching its support at 1.3065 (38.2% Fibonacci retracement, 61.8% Fibonacci extension, horizontal overlap support) where a bounce is expected, causing price to rise to its resistance at 1.3262 (61.8% Fibonacci retracement, horizontal pullback resistance)

Stochastic (55, 5, 3) is approaching its support at 3.7% where corresponding bounce is expected.
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