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Up trend in USD/CAD 15 Minutes chart

Up trend in USD/CAD 15 Minutes chart
Friday, April 28th, 2017 @ 3:18 pm by Muhammad Azeem

About Muhammad Azeem:

Muhammad Azeem Mr. Azeem is a pure technician and solely employs technical market analysis in trading. He believes that the news is just the catalyst for technical events. In his opinion, prices are so far ahead of any news story as every conceivable fundamental possibility has already been discounted. Muhammad is a regular participant in the FX Instructor Live Trading Room.

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usd-cadBullish trend in USD/CAD currency pair fifteen minutes time frame. Short term support is present at 1.3610 price level. Based on Elliott wave analysis, I expect a bullish Wave v leg to continue moving up.

Bullish wave v leg looks in-complete and offers a possible buy trade setup to join an up trend in USD/CAD currency pair. So, a good idea is to go long at the current market price.

However; if price closes a bearish candlestick below 1.3610 key support level then up trend is going to end. In this case, I would prefer to stop trading the USD/CAD currency pair and re-look at the 15 minutes chart.

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