USD/CAD faces some difficulties

USD/CAD faces some difficulties

Trade idea

SELL 1.3190; TP1 1.3160; TP2 1.3130; SL 1.3205

USD/CAD formed a “gravestone doji” candlestick on the W1 ahead of the 50-week MA (1.3280). This is a bearish pattern, so the odds are that the pair will test lower levels. On the D1, the upside was limited by the 200-day MA, which is usually quite a strong obstacle. The price went below the October-November support line. For now, it still has the support of the 100-day MA in the 1.32 area. A decline below this point, however, will open the way down to 1.3160 and 1.3130. Resistance lies at 1.3225.    

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How to trade EUR/USD?

EUR/USD will likely trade within the range in stayed in yesterday. The 100-period MA on the H4 (1.1225) supports the pair.

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