USDCAD is bouncing off the strong long-term support
USDCAD is reacting to strong long-term support zone 1.3150-1.3200 zone. A break above 1.3280 is required for the upside reversal and extension higher. For a downside reversal and higher probability short trade entries, we need to see a break below 1.3130. USDCAD reached 1.3130 after in a swing down from 1.4200. The overall long-term is an uptrend and a confirmed break above 1.3500 will lead to an extended continuation higher.
Note – We are inclined to long trade entries with the stop loss below 1.3130
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