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Trading Scenario:
USDCAD on friday after losing its support at 1.0470 broke below the bullish trendline. USDCAD has made a low of 1.0339 and now we are seeing a pullback on this pair. USDCAD is currently testing the broken trendline and trading just below the potential sellzone.
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We might consider to sell USDCAD from these levels, once we get reversal confirmations. First potential selling level comes in at 1.0425, where this pair already got some offers while it tested those levels. As long as the price trades below 1.0470, risk remains to the downside.
Potentially look to sell this pair on any rallies targeting initially 1.0350, 1.0280 & 1.0150.
USDCAD may target again towards the parity in upcoming weeks if price continues to trade below our sited sellzone.
Note: While trading always use proper money management in executing your trades. This analysis is a guideline to TopPips forex trading community, where it helps to make better trading decisions.
