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USDCAD approaching resistance, potential drop!

Oleh Tickmill
Broker
USDCAD is approaching our first resistance at 1.2960 (horizontal overlap resistance, 61.8% Fibonacci extension, 23.6% Fibonacci retracement) and a strong drop might occur below this level pushing price down to our major support at 1.2858 (horizontal swing low support, 61.8% Fibonacci retracement). Ichimoku cloud is also showing signs of bearish pressure in line with our bearish bias.
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CADChart PatternsForexforexsignalsforextradingHarmonic PatternsTrend AnalysisuadcadshortUSDUSDCADusdcadlong
Tickmill
Broker
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results
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