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MEX_Exchange

USDCAD approaching major support, prepare to buy

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 forexsignals Forex forextrading
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2
trendanalysis harmonicpatterns chartpattern usdcad usd cad usdcadshort usdcadlong usdcadforecast forexsignals forex forextrading
Buy above 1.2664. Stop loss at 1.2576. Take profit at 1.2844.
Reason for the trading strategy (technically):
Price is approaching major support at 1.2664 (Fibonacci extension, Fibonacci retracement, horizontal swing low support) and we expect a bounce from this level up to at least 1.2844 resistance (Fibonacci retracement, horizontal overlap resistance, breakout resistance).
Stochastic (34,5,3) is seeing strong support above 3.9% where we expect a corresponding bounce from.

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