USDCAD: Price Approaching Buying Zone, Will DXY Bounce Back?

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The USDCAD pair has dropped significantly in recent times, particularly as the DXY index has plummeted. The extremely bearish nature of the DXY suggests that the price of USDCAD is melting. Both fundamental and technical indicators indicate a potential bullish price reversal for this pair, which could potentially hit our first take-profit area. This is a swing analysis, so please give time for the trade to get activated and for it to work out in our favour.

Please note that this analysis does not guarantee that the price will move as suggested. Before trading, it’s essential to conduct your own research.

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