Trade idea for USD/CAD

Trade idea for USD/CAD

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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Latest news

AUD/JPY looks exposed

AUD/JPY formed a “shooting star” candlestickon the W1. This week, it’s testing levels below the 50-week MA at 75.45.

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