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USDCAD – Potential False Break Structure | Jun 18
USDCAD – Potential False Break Structure (1hr chart)
After selling off heavy from our sell zone structure just under 1.2350 (and profiting heavy), the USDCAD broke below the key support at 1.22 today.
However, in a strong reversal of buying, the pair did an about face about 6hrs later and broke back above this support potentially creating a false break setup.
If 1.22 holds on pullbacks, then we should see a challenge of 1.23 and 1.2330 near term. If it folds again, then we should see a retest of 1.2150 before any bids come back in.
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