USDCAD Preparing for Major Breakout? | Key Levels + Setup

USDCAD is currently trading just below a key breakout zone at 1.36991, with strong demand holding the 1.36000 - 1.36800 range.


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🔶 Technical Analysis:

✅ Support Zone (Demand):
The 1.3600 - 1.3680 region has acted as a strong base for several weeks now, with repeated tests and rejections confirming institutional interest.

✅ Resistance to Watch:
1.36991 – immediate breakout level
1.39744 – mid-range target
1.42591 – major supply/TP2 area

🟣 Volume Profile & LuxAlgo S&D:
Visible range & LuxAlgo show accumulation in the current zone, signaling a possible bullish reversal. Volume is increasing at key levels.

📉 Recent downtrend may be exhausted, as price forms a base and shows signs of strength from buyers.


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🧠 Trade Idea:

🎯 Breakout Buy Setup:

Entry: Above 1.3700 (confirmation of breakout)

TP1: 1.3974

TP2: 1.4259

SL: Below 1.3640 (below demand zone)


📊 RR Ratio: ~1:2.5


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⚠️ Watch This:

📅 Upcoming USD news (marked below chart) could act as a catalyst

💥 Breakout above 1.3700 with volume = potential strong bullish rally



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📌 Summary:
USDCAD is consolidating in a high-demand area. A break above 1.3700 may trigger a bullish continuation targeting 1.3974 and possibly 1.4259. Patience and confirmation are key.

🚀 Are you watching this setup too? Drop your thoughts below!

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