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Overview:
A bullish breakout above the previous consolidation zone between 1.2400 and 1.2800 was performed on July 15 (shown on the weekly chart). A long-term bullish target was projected towards the level of 1.3270.
A significant bearish rejection was observed around 1.3450. Since then, another consolidation range was established between 1.2800 and 1.3400.
A few weeks ago, a bearish breakout below the support level of 1.3075 was needed to enable a further bearish decline towards 1.2900. However, an evident bullish rejection was expressed around this level.
A bullish breakout above 1.3400 (the upper limit of the recent consolidation range) enhanced the bullish side of the market on December 7.
A bullish visit towards the resistance level of 1.4150 (Fibonacci Expansion 100%) was expected as a result of the bullish breakout above 1.3400.
Bullish persistence above 1.4150 enhanced the bullish side of the market towards 1.4600-1.4650 (141.4% Fibonacci expansion).
On the other hand, the price zone of 1.3370-1.3400 remains a significant support zone to be watched for valid buy entries if bearish correction occurs.
Trading recommendations:
A valid sell entry can be offered around 1.4650 (141.4% Fibonacci expansion). S/L should be located above 1.4700. Initial T/P levels should be located at 1.4550, 1.4300, and 1.4150.
On the other hand, conservative traders should wait for a bearish engulfing candlestick closure below the level of 1.4100 (Fibonacci Expansion 100%) to sell the USD/CAD pair. S/L should be located above 1.4150.
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