Long

USDCAD: Long-Term Swing Analysis 🇺🇸🇨🇦

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Hey traders,

Since 2020 USDCAD was trading in a sharp bearish trend.
The pair lost more than 18% of its value reaching 1.2 structure low.

Then the market started to recover:
We saw a nice swing up reaching a key weekly resistance
and a consequent retracement with a lower high.

In December, the underlined blue structure was reached again.
It looks like the market is forming a bullish accumulation pattern around that area.

To catch the next swing up look for a bullish breakout of 1.295 - 1.305 supply zone.
In case of a weekly candle close above that a bullish continuation to 1.34 / 1.37 levels will be expected.

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