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USDCAD: Formed Bearish Engulfing on H4 | March 4, 2017
Usdcad has formed bearish engulfing after a long bullish rally. So it can be a bearish sign on this pair. It seems that sellers enter with big volume on this pair. So 1.3434 level has become now resistance for this pair. Below this resistance level on usdcad, we will stay on sell mode.
On stochastic indicator, it shows overbought which indicates buyers are taking profit and sellers are ready to enter short position.
So we can recommend to enter sell entry below resistance level. Stop loss will be above resistance. Target can be 40-140 pips.
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