One simple way to do it is to go to the competitors facebook page and hit the “Info and Ads” button on the page. That will display their current advertisements.
Like the above poster said, you just to have go on their page and will be able to see their current ads. I think this is a new feature and it's been really helpful for me to scout out the competition.
Also it gives you an option to change the country the ads are running towards so be sure to toggle through all the options.
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