USD/CAD has been trading inside a wide range formation since beginning of the year, forming a bullish flag pattern (see Figure 1) which points for further gains once we break the 1.2830 resistance level. However first we need to clear the stops below current 1.2350 support level. This support level has been hit for just too many times and it's a warning that before to go up we must have a false
breakout to the downside to suck in seller and to wipe out the long weak hands.
Figure 1. USD/CAD W
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