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Technical analysis

31.12.202115:07 Forex Analysis & Reviews: USD/CAD analysis for December 31, 2021 - Srong downside breakout of consolidation

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Technical analysis:

Exchange Rates 31.12.2021 analysis

USD/CAD has been trading downside in the background. I found the breakout of the musty-day balance, which is good sign for further downside continuation.

Trading recommendation:

Due to the downside breakout of the balance in the background, I see potential for the bigger drop in the next period.

Watch for selling opportunities on the rallies and continuation al patterns.

Downside objectives are set at 1,2650 and 1,2615.

Stochastic is showing bear extreme condition but with no evidence for the reversal.

Key resistance is seet at 1,2750

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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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