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02.03.2021 11:30 AM
USDCAD broke above descending trendline resistance! Further rise incoming!

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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

Dean Leo,
Analytical expert of InstaForex
© 2007-2025
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Dean Leo
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