USDCAD is rejected from the strong confluence of the resistance
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USDCAD is rejected from the 1.3900-1.4000 zone, which is a long-term cluster of resistance. Here USDCAD is facing and is being rejected by the confluence of the resistance, Fibonacci 78.6% retracement, long-term Pitchfork channel resistance line, and a parallel uptrend channel midline.
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The weekly chart reveals a clear rejection and a reversal from the zone near 1.4000. The bearish engulfing candle could lead to a strong downside reversal to 1.3400 and lower.
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On a daily chart, we can see a good RR trade opportunity Already a member? This article is so good, it’s for premium members only.
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