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USDCAD Tries Bouncing Off Near Key 1.25 Level


CFA, Founder Tradable Patterns

USDCAD Tries Bouncing Off Near Key 1.25 Level

The USDCAD is trying to stabilize after 2 days of healthy profittaking, hovering just above triangle support (on the 4hr chart) and uptrend support (on the daily chart).  Significantly, the USDCAD’s consolidation as seen by this week’s weekly Gravestone should be coming to completion soon with the USDCAD having drifted back to near the weekly chart downchannel resistance and the psychologically key 1.25 whole figure level.  Odds are moderately low for the USDCAD to further slide before month end, below the 50% Fib Retrace of the June-July rally.  Congratulations to Premium Subscribers alerted to the early signs of a major bottom on Jun 10th.  The weekly RSI, Stochastics and MACD are rallying or consolidating recent gains, but weighed by the daily MACD which is attempting a negative crossover.  I am looking at going long in the green zone (of the daily chart), targeting the red zone for Wednesday.  The amber/yellow zone is where I might place a stop if I was a swing trader (although in my personal account with which I seldom hold overnight I sometimes set my stops tighter)…Click here for analysis on USDCHF, WTI CRUDE

Sample of Today’s Top 3 Trades Available to Free Subscribers (published Apr 14, 2021)

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