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Good afternoon, dear traders!
I present to you the trading idea for USDCAD.
Starting October 28, the instrument is in an upward trend. This is due to two factors. Firstly, USDCAD is not only CAD but also USD, which is the base currency in this tool. The weakness of the Canadian, which occurred on October 30 at a press conference of the Bank of Canada, occurred on a strong dollar. As you probably already noticed, the dollar is strengthening on all fronts for the second week. Thus, the USD / CAD fraction has a bullish trend – a weak Canadian against the background of a strong American. We participated in this trend on November 6.
The trend has been going on for 13 consecutive days, and yesterday the first sig ns of the dollar’s weakness appeared on the next statements by Powell. Technically, we have a very interesting picture of the classical “mirror level” technical analysis. It should be noted that mirror levels work well on the first test, and you can easily check this fact. Moreover, many Western traders use this pattern in their daily trading. But few people know that the more often the price approaches the “mirror”, the greater the probability of its breakdown.Whether it will be true or false – no one knows, but its very fact is a regular phenomenon that can be used in trade “against the crowd”. Now everyone who bought USDCAD above 1.32 starting on November 7 will limit their losses under this mirror -like level of support-resistance. A short-range initiative took place in America and Asia yesterday, which can develop into wave “C”, the classic structure of ABC, and you can participate in this trend. I suggest choosing lower signals from smaller TFs in order to update the mirror level 1.32118 – 1.32.
Good luck with trading and see you in the evening review!
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Performed by Andrey Shevchenko,
InstaForex Group © 2007-2019
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