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USDCAD – Corrective Price Action Structure, ST Bearish | Jun 16

USDCAD – Corrective Price Action Structure, ST Bearish | Jun 16

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USDCAD – Corrective Structure Weakening, ST Bearish (1hr chart)
After flirting with trying to take out the 1.2350 resistance zone for a few days, the USDCAD sold off pretty decently today (considering the low volatility lately) forming a lower high in the corrective price action structure.

This suggests bears are starting to take over a tad, so this resistance zone should hold on pullbacks.

Downside I’d be looking to target 1.2215. Only a daily close above this resistance zone changes my ST bearish bias.

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I'm Chris Capre, Founder of 2ndSkiesForex. I help traders of all levels change the way they think, trade and perform. As a professional trader, I specialize in trading price action. As a teacher, my passion lies in showing you how to re-wire your brain for successful trading. Want to improve your edge right now? Visit my Price Action Course page.

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