USDCAD Bullish Divergence

FX:USDCAD   U.S. Dollar / Canadian Dollar
The price bounced from 1.22500 level. RSI and a reversal candlestick pattern confirm price reversal. The bullish divergence gives a trend reversal signal. MACD supports upward movement. All these signals tell us that the downward movement is over and the market is going to move upward. Entry level is 1.24500 with stop orders at 1.22300 level. Profit targets are 1.28000 and 1.32000 resistance levels.
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Looking forward to the entry level. Thanks for the good analysis.
I like this one as well. There may be a retracement to .618 of the move up, which would 1.23750 or so, but definitely bullish on this.
+3 Reply
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