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Technical Analysis
USDCAD: Moving with Momentum
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[QUOTE="sharabela, post: 212628, member: 39507"] USDCAD produced a Double Bottom in the H4 chart at 1.31000 and made a bullish move. The pair is traded around 1.32000. It is a very significant level since the price had a rejection at the level earlier. If the level works as a level of resistance and produces a bearish reversal candle, the sellers may keep their eyes in the pair to go short. The pair may find its next support around 1.31000. A bearish breakout at that level may drive the price towards the South further. However, the buyers may keep their eyes on that level too to go long upon having a bullish reversal pattern at 1.310000. On the other hand, if the price makes an H4 breakout at the level of 1.32000, the buyers may go long in the pair upon having breakout confirmation. The pair may find its next resistance around 1.33500. Let us wait and watch what the price does next.[ATTACH type="full"]22540[/ATTACH] [/QUOTE]
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