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Technical Analysis
USDCAD: Moving with Momentum
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[QUOTE="sharabela, post: 211100, member: 39507"] USDCAD found its support at 1.28200 and bounced at the level twice. At the last bounce, the pair produced a bullish engulfing candle. However, it did not head towards the North. It rather found its resistance at 1.29000 and produced consecutive bearish candles. If the price finds its support before 1.28200 and produces a strong bullish reversal candle, it may still head towards the North. However, as things stand with the pair, it seems the price may come back at 1.28200 area again. If the H4 chart produces another bullish engulfing candle and the price makes a breakout at 1.29000, the buyers may push the price towards the North and find resistance around 1.29450. A bearish breakout at 1.28200, on the other hand, may drive the price towards the South. The price may find its next support around 1.27350. Considering both charts, it seems the Bear may end up making a breakout here. Let us wait and what happens next. [ATTACH type="full"]22172[/ATTACH] [/QUOTE]
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