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USD/CAD: bulls are ready for new highs

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Recommendation:

BUY 1.256

SL 1.2505

TP1 1.2715 TP2 1.292 TP3 1.324

On the daily chart, bulls are trying to restore the short-term uptrend. They managed to defend their fortress near 1.2460. Now buyers are counting on growth towards 88.6% target of the inverted “Shark” pattern.

CAD1.png 

On H1, USD/CAD formed a “Spike and ledge” pattern. The pair’s trading within the consolidation range of a ledge (1.2435-1.2560). A break of its upper border will strengthen the case for the uptrend to resume.

CAD2.png

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