USD/CAD is out of the range

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4H Chart         

usdcad h4.png                                                                                                                               

Daily Chart

usdcad daily.png

USD/CAD managed to breakout of its tight range on Friday, reaching as high as 1.2177, and posted the highest daily close since mid-May, while the technical indicators are clearly bullish, which confirms the upside retracement outlook. In the meantime, our long position from 1.2060 mentioned last week has +100 pips in profit, while our stop remains at our entry. Any downside pressure this week is likely to remain short-lived above 1.21, while the final target for this trade remains at 1.22.

S3

S2

S1

Pivot

R1

R2

R3

1.1944

1.2041

1.2100

1.2138

1.2197

1.2235

1.2332

TRADE NOW

Nour Eldeen Al-Hammoury

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