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29.07.202016:39 Forex Analysis & Reviews: Bearish formation in USDCAD

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USDCAD is in a bearish trend and we remain bearish since the break below 1.35. Price is now challenging important support at 1.3350. A bearish pattern has been identified that if triggered could open the way for a move towards 1.2950.

Exchange Rates 29.07.2020 analysis

Black line - neckline support

Blue lines- potential downside move equal to high of cup

USDCAD is challenging June lows. Price bounced off 1.3350 towards 1.37 but bulls were not strong enough and now we have a higher low formation. Price has returned to June lows and breaking below the black line (1.3350 level) we see high chances of pushing lower towards 1.30-1.2950. Resistance is found at 1.35 and as long as price is below this level we remain bearish.

Alexandros Yfantis
Analytical expert of InstaForex
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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75.02% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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