Trade idea for USD/CAD

Trade idea for USD/CAD

2019-11-11 • Updated

Recommendation:

SELL 1.2985

SL 1.304

TP1 1.2885 TP2 1.273 TP3 1.267

On the daily chart, bulls are trying to return USD/CAD inside the long-term uptrend channel. If they fail, sellers will seize the initiative. Bears want to renew September low and trigger a “Broadening wedge” and AB=CD.

USDCAD daily.png  

On H1, if USD/CAD pulls back from resistance at 1.3075 and forms “Three Indians” pattern on the correction, it may be a signal for selling. A conservative approach suggests selling on the break of support at 1.2985.  

USDCAD h1.png

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US Dollar: A Dump or a Correction?

After completing a substantial 4-week bullish rally, the US Dollar closed last week with a big bearish candle, which has led to a 2.63% decline in US Dollar prices. The million-Dollar question on traders' and investors' minds: is this the start of a US Dollar dump or just a correction?

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