USDCAD is slowly losing its previously won positions

  • Jun 03 2021
  • by
  • Analyst AZA
USDCAD is slowly losing its previously won positions

USDCAD is slowly losing its previously won positions

The currency USD CAD is slowly but surely losing its previously won positions in the market. If you draw a line on the chart along with the highs of the downward movement, you will see that this is a pattern called a triangle. This chart of technical analysis is a trend continuation pattern. Considering that the price has passed the strongest support level at 1.2060, now there will be nothing to stop the price drop. We set our Take Profit at the flat level of 1.1900 since it is at this level that the price will receive the next support.

Symbol: USDCAD
Order Type: Pending Order - Sell Stop
Entry Price: 1.2000
Take Profit: 1.1900
Pips Earning: 100

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The profit can be $787.40 if the trading volume of 100000 USD (1 Lot).

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