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USD/CAD on Sep 5, 2019

On 1D/daily time-frame: We have engulfing bearish 1D candle.

Trend remains down on 1D.

We are selling at 31% and 50% levels of recent downward move on 1D. We have taken 31% instead of 30% into account as a significant level because it co-incides with 1.3250, a round no.

We are targeting 61.8% of whole move on 1D time-frame.

On 1H time-frame:

The risk: If 1H candle closes above high of this spike on 1H, that was formed following release of weak CAD Trade Balance yesterday and was erased as BOC statement was released, this bearish setup will become invalid.


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