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USD/CAD: loonie wants freedom

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Recommendation:

BUY 1.2905

SL 1.2850

TP1 1.3105 TP2 1.3155 TP3 1.3275

On the daily chart, USD/CAD approached the upper border of the 1.2665-1.2900 consolidation range. A break of resistance at 1.2900-1.2930 will increase the odds of advance towards 200% target of AB=CD. The pullback, on the other hand, will lead to further consolidation.

CAD1.png 

On H1, USD/CAD is forming a “Widening wedge”. A successful test of resistance at 1.2890-1.2905 will allow the formation of point 5. Judging by trading volumes, there are positions of large sellers near 1.2890.

CAD2.png

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