USD/CAD: bears are preparing for the attack

USD/CAD: bears are preparing for the attack

2019-11-11 • Updated

On the USD/CAD daily chart, the realization of the Wolfe Waves pattern continues. The next move would be the return of quotes within the borders of the downward trading channel. For this to happen, the Bears need to break the support at 1.3435.

On the USD/CAD hourly chart, the breakout of the diagonal support in the form of the lower border of the upward trading channel will be a signal for the Bears' attack. There is a chance for quotes reaching the convergence zone at 1.344 - 1.3455.  Within these levels, there is a target 88.6% of the Shark pattern. If support at 1.344 is broken, there will be a slide towards lower levels. 

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