An opportunity to buy USD/CAD

An opportunity to buy USD/CAD

2019-11-11 • Updated

Recommendation:

BUY 1.3005

SL 1.2950

TP1 1.31 TP2 1.3170 TP3 1.3270

On the daily chart, USD/CAD formed a “Broadening wedge”. A break of the upper border of the downtrend channel will increase the odds of a “Shark” pattern with targets at 88.6% and 113%. On the other hand, a pullback from the diagonal resistance will open the way down to 161.8% of AB=CD.

USDCAD daily.png 

On h1 of USD/CAD, there’s a “Wolfe waves” pattern. If the pair gets above the diagonal resistance 2-4, bulls will be able to continue pushing the pair to 113% target of the “Shark”.

USDCAD h1.png

Similar

Levels to trade EUR/USD

EUR/USD has turned up from the 50-day MA at 1.1715 yesterday. This is a sign that buyers are strong. Still, the short-term resistance line limits the upside at 1.1870.

USD/JPY: target for selling

The resistance line is limiting USD/JPY on the upside and, unless the pair tries for a breakout (which anyway will meet resistance at 106.50 and 106.80), the easiest path for it will be to go down.

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