USDCAD is testing a key upside support/downside resistance
USDCAD is testing an upside support/downside resistance 1.2250. This is a confluence of the resistance marked by a long-term uptrend resistance line and a falling wedge resistance. A break below could lead to a significant extreme downside extension. A bounce could lead to a retest of a key upside reversal level of 1.2600.
Note – As the price action is squeezed look for long trade entries with the stop loss below 1.2250 and reverse to short in the case of a stop out trade
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