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T3-Consultancy

USDCAD M30: Bearish outlook seen, further downside below 1.3600

Short
U.S. Dollar / Canadian Dollar (FOREXCOM:USDCAD)  
T3-Consultancy  
FOREXCOM:USDCAD   U.S. Dollar / Canadian Dollar
Trend Analysis Harmonic Patterns Chart Patterns DJ FXCM Index USDCAD usdcadshort usdcadbearish Forex forexsignals forextrading
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trendanalysis harmonicpatterns chartpattern usdollar usdcad usdcadshort usdcadbearish forex forexsignals forextrading
On the M30 timeframe, prices are ranging between a key resistance zone at 1.3600 and a key support zone at 1.3550. A pullback to the resistance zone at 1.3600, in line with the 23.6% Fibonacci retracement, could present an opportunity to ride the drop to the support zone at 1.3550, which coincides with the 50% Fibonacci extension and graphical low. Stochastic RSI is in the overbought region above 80, while price is holding below the 50 EMA and Ichimoku cloud, supporting our bearish bias.
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