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05.04.202112:07 Forex Analysis & Reviews: Daily Video Analysis: USDCAD facing bearish pressure, potential for further drop!

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Today we take a look at USDCAD. Combining advanced technical analysis methods such as Fibonacci confluence, correlation, market structure, oscillators and demand/supply zones, we identify high probability trading setups. Price has just seen a bullish breakout from the descending trendline resistance-turned-support, and MACD is also above the 0 line, in line with our bullish bias. We could see price bounce from our buy entry level, in line with our 61.8% Fibonacci retracement, and rise further towards our take profit levels, in line with our -27.2% Fibonacci retracement and horizontal swing low support levels.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Dean Leo,
Analytical expert
InstaForex Group © 2007-2021
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