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USD/CAD market on the move! What to expect?
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Yesterday, the USD/CAD currency pair kept local resistance at 1.31650, which caused the bearish sentiment.
The trading instrument has updated local lows. The Price Action signals a possible correction of the USD/CAD currency pair.
At the moment, the classic pattern of Outside Bar (H4 timeframe) has been formed, which is a reversal formation.
The USD/CAD quotes are testing the round level of 1.31000.
If the price fixes below 1.31000, one should consider selling USD/CAD.
The immediate goal for profit taking is the resistance level of 1.30500.
In the medium term, the USD/CAD currency pair may reach the level of 1.30000-1.29500.
Confirmations and entry points to the market should be looked for on lower timeframes.
When tracking a position, we recommend using a trailing stop!