USD/CAD: 55 Moving Average acting as support
There's a bullish 'Hammer', which has been confirmed by the following 'Three Methods' pattern. In this case...
USD/CAD: bears are gathering strength
On the daily chart, USD/CAD left the downtrend channel. As a result, the pair is correcting towards 23.6%, 38.2% and 50% within the transformation of the “Shark” pattern into 5-0. It will be sensible to use recoil from important resistance levels for opening short positions.
On H1, USD/CAD formed “Dragon” pattern. The pair’s currently consolidating within the “Spike and ledge” pattern in the 1.2660-1.2705 range. The break of its upper border will allow the pair to continue correction. A successful test of the lower border will strengthen the risks of the bearish trend resumption.
Ivan Karamazov
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AUD/CAD falling inside impulse waves 3 and (C)
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