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USDCAD – Sell Setup At Resistance Zone Profits | June 17
USDCAD – Sell Setup @ Resistance Zone Profits (4hr chart)
Yesterday in the members trade setups commentary, we talked about being bearish on the USDCAD looking to sell at the resistance zone (blue box above). The weakening corrective structure and lower highs suggested the bears were taking over and likely to press the pair lower.
Looking at the chart below, we can see there was one final spike into this key resistance zone before the pair sold off massively so congrats to the members who profited from this.
We might see a decent bounce off the 1.2215 support but am expecting this bearish structure to hold so look to sell weak pullbacks near the resistance zone.
Below 1.2215, there is 1.2180 and then 1.1975.
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