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02.03.202111:30 Forex Analysis & Reviews: USDCAD broke above descending trendline resistance! Further rise incoming!

Exchange Rates 02.03.2021 analysis

Price broke above ascending trendline resistance (now support). With price holding above moving average and stochastic indicator on support where price reacted in the past, a short term bounce reaction above 1st support at 1.26408 towards 1st resistance at 1.27079 could be expected.

Trading Recommendation

Entry: 1.26408

Reason for Entry:

38.20% Fibonacci retracement, descending trendline support

Take Profit: 1.27079

Reason for Take Profit:

61.8% Fibonacci retracement

Stop Loss: 1.26082

Reason for Stop Loss:

-27.20% Fibonacci retracement

*这里的市场分析是为了增加您对市场的了解,而不是给出交易的指示。

Dean Leo,
分析专家
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