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theforexarmy

USDCAD: Profit target reached perfectly, time to buy again

Long
U.S. Dollar / Canadian Dollar (FX:USDCAD)  
theforexarmy  
FX:USDCAD   U.S. Dollar / Canadian Dollar
USDCAD usdcadlong usdcadforecast usdcadanalysis usdcadidea
2
0
usdcad usdcadlong usdcadforecast usdcadanalysis usdcadidea
Buy above 1.3200. Stop loss at 1.2990. Take profit at 1.3600.

Reason for the trading strategy:
USDCAD made a bounce up as expected and reached our profit target once again. We remain bullish above 1.3200 support (Fibonacci retracement) for a push up to major resistance level at 1.3600 (horizontal resistance, Fibonacci retracement).

Stochastic (21,5,3) is displaying strong bullish divergence vs price.

Related Ideas

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USDCAD Daily Key Elements
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