USDCAD is retesting the broken consolidation
USDCAD is testing a previously broken consolidation wedge 1.3100. For an upside continuation and a higher probability of the long trade entries, we need to see a confirmed break above 1.3400. A rejection of this retest is required for a downside continuation. The overall medium-term is downtrend but we need to see a confirmed break below 1.2980 to see extension downside. This retest is important for a downside continuation.
Note – We are inclined to short trade entries with the stop loss above 1.3160
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