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USDCAD is facing bearish pressure from 1st resistance level, in line with the 78.6% fib extension and horizontal pullback resistance, where we could see a further drop below this level towards 1st support where the 127% fib extension is. Ichimoku also shows that price is on resistance..
Reason for Entry:
78.6% fib extension and horizontal pullback resistance
Take Profit: 1.2531
Reason for Take Profit:
127% fib extension
Stop Loss: 1.2705
Reason for Stop Loss:
50% fib retracement
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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