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USDCAD: The price has already reached the target zone №1 1.31909-1.31700


21 June 2023

The bear market is continuing. The price has already reached the target zone №1 1.31909-1.31700 and it has a potential to reach the target zone №2 1.29769-1.29568. The best prices to try to have a short position are the control resistance zone 1.34195-1.33979. In case of the price is fixed upper the control resistance zone the medium-term trend will be changed to the bull market and all short positions should be closed.

USDCAD: The price has already reached the target zone №1 1.31909-1.31700

Trading recommendation: 

It’s recommended to try to have a short position near the control resistance zone 1.34195-1.33979 (240 points from current minimum) with using the pattern «Head&Shoulders» at least on timeframe M15. The control resistance zone is constructed from the current minimum. If this minimum changes by n points the zone should also be shifted n points down. The risk/reward ratio for every order should be at least 1/3. All zones are constructed on the basis of data from the CME futures market.

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