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USDCAD: Consolidation & Complete Indecision 🇺🇸🇨🇦

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One more instrument that we discussed on a live stream today is USDCAD.

The pair is currently stuck within a narrow horizontal trading range:
1.2915 - 1.295 is its resistance & 1.2815 - 1.2845 is its support.

Depending on the reaction of the price to these structures, I see 2 potential scenarios:

If the price breaks and closes below the support of the range, we will expect a bearish continuation to 1.27 level.

If the price breaks and closes above the resistance of the range, we will expect a bullish movement to 1.31 level.

I am bearish biased and assume that probabilities are on a bearish side but let's see.

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Check my new analysis on EURGBP, WTI Crude Oil, EURAUD, AUDNZD: