I entered long USDCAD at 1.0501 as prices took out resistance at a falling trend line established from the swing high in mid-May following a rebound from horizontal support at 1.0294. Last week, the pair stalled at resistance in the 1.0588 – 1.0643 congestion region and has now pulled back to re-test the 1.05 figure. These losses appear corrective and will remain long, continuing to target 1.0713. A stop-loss will be activated on a daily close below 1.0393.
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