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USDCAD Trendline Retest and Short Opportunity Update: Target Reached 70 pips

USDCAD Trendline Retest and Short Opportunity

Description of the pattern: USDCAD Broke the horizontal support and ZigZag Trend Line at 1.33400. The pair is retesting the broken trend line. Short opportunity at the retest. Break below 1.33000 support would send the pair 1.32550. A bullish Cypher pattern will be completed at D for a long opportunity. I will give the details of the short setup now.

Trade: Short

Time Frame: H1 / H4

Trade Period: Intraday / Midterm

Estimated completion time: 2-16  H1 Candle Sticks

The trend in the Timeframe: Bearish

The trend in the Daily Chart: Bullish

Trade Based On Trend Line Retest

The accuracy of the pattern: 92 %

Recommended Lot Size: 0.10 at 10K

Trade: Short 

The Area Of The Entry: 1.3327 – 1.33400

Stop Loss: 1.33600 + Spread

Target 1: 1.33000 / Reached

Target 2: 1.32600 / Reached

Target 3:

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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