✍️ Analysis of USDCAD on 05/05/2021:
- As my DXY analysis last week mentioned that I expect USD to rise in the near future and USDCAD is no exception.
- Last week was a fairly strong losing week, closing the week with a full-powered bearish candle, if we look at the candles we will probably continue selling down, but in my opinion, if I look more at the chart. In the next month, USDCAD is in the strong support range from 1.2240-1.2260 Around this level in my opinion we should establish a short position with USDCAD.
- In the last 2 weeks, USDCAD has fallen by nearly 400pip, so at this strong support, we can establish a buy position with a possible target of 50-100pip. Additionally, on USDCAD daily chart there is a phenomenon of "bottoming out" in favor of my buying trend.
👉 Reference signal. Buy USDCAD at current price 1.2288
SL: 1.2230
TP: 1.2XXX-1.2XXX
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