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Technical Analysis
USDCAD: Moving with Momentum
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[QUOTE="sharabela, post: 213401, member: 39507"] USDCAD made a strong bullish move in the H4 chart. In our last analysis, we saw that a bullish trend line pushed the price towards the North. The trend line still holds the price as a support. However, the price had a rejection at 1.38000. If the price gets rejected again at the same level and it makes a bearish breakout at the level of 1.36400, it may drive the price towards the South. The chart shows that there is enough space for the price to travel towards the downside. Thus, it may attract the sellers to go short and create good bearish momentum. The price may find its support around 1.32800. On the other hand, if the price makes a bullish breakout at 1.38000. It would be considered as “Cup and Handle” by the buyers. A bullish breakout followed by breakout confirmation and a bullish reversal candle may push the price towards the North further. The price may find its next resistance around 1.43250.[ATTACH type="full"]22698[/ATTACH] [/QUOTE]
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