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The USDCAD has been in a corrective phase for several trading sessions as visible in this H4 chart. This currency pair has formed a falling wedge formation and price action has been centered around support levels.

The latest candlestick has formed an inverted hammer and we believe this pair will move higher back into its declining resistance level and possibly into its descending 50 DMA.

MACD has bottomed out and confirmed the correction. Selling pressure has dropped below its moving average and we expect levels to adjust higher from here.

Falling Wedge (Reversal) [ChartSchool]

RSI has reached oversold territory and a breakout from these levels should add to the minor rally. We recommend a long position at 1. This would be in addition to a long position we took on March 3rd at 1. We also closed our two short positions today at 1.

We recommend traders to set a stop sell order at 1. Traders who wish to exit this trade at a loss are advised to place their stop loss level at 1.

We do not use stop loss levels and will execute this trade as recommended.

Place your take profit level for both long positions at 1. Open your PaxForex Trading Account today and add this trade to your portfolio. Your email address will not be published.

Forex falling wedge Group register number IBC Please note that trading in leveraged products may involve a significant level best stocks to buy with $500 risk and is not suitable for all investors. You should not risk more than you are prepared to lose.

Before deciding to trade, please ensure you understand the forex falling wedge involved and take into account your level of experience.

Seek independent advice if necessary. Open trading account Clients area. Register your New york stock exchange trader job account now!

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NEXT EVENT Next economic event: To receive new articles instantly Subscribe to updates. USDCAD Falling Wedge Formation Written by: PaxForex analytics dept - Friday, 27 June 0 comments. Here are the reasons why we believe this forex pair will move higher USDCAD formed a falling wedge formation Price action has been centered around support Latest candlestick pattern formed inverted hammer at support MACD has bottomed out RSI trades in oversold territory Short covering rally Open your PaxForex Trading Account today and add this trade to your portfolio.

Trading Rising and Falling Wedges| Forex Strategies

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