USD/CAD: loonie is fighting for the initiative
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Recommendation:
BUY 1.3225
SL 1.3170 TP1 1.3300
TP2 1.3335 TP3 1.3420
On the daily chart, USD/CAD is fighting for the initiative near the correction high of the “Shark” pattern. If bulls win, the odds of getting to its 88.6% target will increase. On the other hand, bears victory will increase the odds of the pair’s return inside the descending channel.
On H1, USD/CAD may trigger a “Widening wedge”. On the other hand, a rise above resistance at 1.3225 will increase the odds of the advance to 113% and 261.8% targets of the “Shark” and AB=CD.
