Downside target for USD/CAD
USD/CAD has made an immense move to the downside on Tuesday falling by about 200 pips.
Get a trade signal for USD/CAD
Recommendations:
BUY 1.305 SL 1.2995 TP1 1.315 TP2 1.325 TP3 1.3275
SELL 1.2925 SL 1.298 TP1 1.285 TP2 1.281 TP3 1.2755
On the daily chart of USD/CAD, the pair is reaching targets of the “Wolfe waves” pattern. To continue the rally and reach the 88.6% target of the “Shark” pattern, the pair needs to break the resistance at 1.3075-1.3085 (the October high – the 23.6% level of the long-term upward wave).
On H1, the pair is retesting the 2-4 line of the “Wolfe waves” pattern. If bulls are able to hold the pair above 1.2955 and break the resistance at 1.305, they will pull the pair up.
Ivan Karamazov
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