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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
USDCAD usdcadlong usdcadbuy usdcadidea Forex forexsignals forextrading usdcadforecast usdcaddaily
6
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usdcad usdcadlong usdcadbuy usdcadidea forex forexsignals forextrading usdcadforecast usdcaddaily
Buy above 1.2966. Stop loss at 1.2893. Take profit at 1.3164.
Reason for the trading strategy (technically):
Price is dropping strongly towards major support at 1.2966 (multiple Fibonacci extensions, horizontal swing low support, Elliott wave theory) and we expect a bounce above this level to at least 1.3164 resistance (Fibonacci retracement, horizontal pullback resistance).
Stochastic (34,5,3) is seeing major support above 1% where we expect a bounce from.
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