USD/CAD analysis for June 06, 2018

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Recently, the USD/CAD pair has been trading downwards. The price tested the level of 1.2900. According to the H1 time – frame, I found a broken support trendline in the background, which is a clear sign of weakness. I also found a confirmed head and shoulders pattern in the background, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward target is set at the price of 1.2820.

Resistance levels:

R1: 1.2928

R2: 1.2935

R3: 1.2942

Support levels:

S1: 1.2914

S2: 1.2907

S3: 1.2900

Trading recommendations for today: watch for potential selling opportunities.

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