USDCAD long-term support test
USDCAD has reached a strong upside long-term support 1.3350 in a pullback from the high. We are seeing a bounce that needs to be confirmed. For an upside extension and higher probability long trade entries, we need to see a break above 1.3600 which is also a falling trend line resistance. Pair reached previously 1.4800 near a historical high after the bounce off 1.3000. The overall medium-term trend is an uptrend and a break above 1.3600 will give us a higher probability of long trade entries.
Note – We are inclined to long trade entries here with the stop loss below 1.3350.
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Not every price action bounce has a potential, most of them would prove to be just a pause in a prevailing trend
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