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USDCAD Intraday Setup: Bullish Shark Pattern Update: TP1 Reached

USDCAD Intraday Setup: Bullish Shark Pattern

Description of the pattern: Loonie broke the short term 1.32770 structural support. Historical Readings show that price retests the broken structural level- Backtest results: 82%- A Bullish Shark Pattern is completed on the H1 Charts which is indicating a bullish correction. Area of entry starts at 1.3219 1.13 Fib extension of XA and ends at 131980 1.27 Fib Extension.

Trade: Long

Time Frame: M30/H1

Trade Period: Intraday / Scalping

Estimated completion time: 2-12 M30 Candle Sticks

The trend in the Timeframe: Bearish

The trend in the Daily Chart: Neutral

Trade Based On Bullish Shark Pattern

The accuracy of the pattern: 91%

Recommended Lot Size: 0.10 at 10K

Trade: Long

The Area Of The Entry: 1.3219 – 1.31980

Stop Loss: 1.3175 + Spread

Target 1:1.32440 / Reached

Target 2: 1.3278

Target 3: 1.3200

Extended Targets:

Note:

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DISCLAIMER: This is a technical analysis study, not advice or recommendation to invest money

USDCAD: Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. Chartreaderpro does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility

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