USDCAD testing the low of the bullish structure

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27 July 2021 | Updated: 27 July 2021

Key Support: 125.50
Key Resistance: 1.2610 – 1.2750

The USDCAD has pulled back -2.2% from last week’s highs right to the 50% and the low of the bullish structure.

Price is currently trapped inside of a range below the weekly pivot whilst printing good bullish divergence should this be the next higher low.

Last week/this week’s low is not yet considered a new higher low in this structure because price has not yet broken with the immediate lower high.

The idea here is to buy that exact breakout to ride the next bullish momentum to the retest of last week’s highs.

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