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10.01.2022 11:55 AM
Trading tips for USD/CAD

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Demand for dollar dipped after news emerged that employment in the US non-farm sector was less than expected. This pulled USD/CAD down, thereby continuing the bearish three-wave pattern in the daily chart.

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As of today, buyers are being forced to set their stop orders beyond the round level of 1.26. In this situation, it is best to avoid taking long positions with a stop at 1.26, or betting on a decline from pullbacks with take profit on 1.16. This plan is based on the price action and stop hunting strategies.

Keep in mind that the pair is currently moving within a three-wave pattern, and wave "A" represents the selling pressure at the end of December 2021.

Good luck and have a nice day!

Andrey Shevchenko,
Analytical expert of InstaForex
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