USD/CAD: bears faced with the wedge

USD/CAD: bears faced with the wedge

On the USD/CAD daily chart, there was a false breakout of the lower border of the upward trading channel. The failure of the bears to keep quotes above the level of 1.3306 showed their weakness. If the bulls manage to test the diagonal resistance in the form of the upper border of the downward medium-term channel, there might be a continuation of the rally. 

On the USD/CAD hourly chart, the expanding wedge pattern was formed. A rollback of prices towards 23.8%, 38.2% and 50% levels of the 4-5 wave can be used for the opening of long positions. But first, the point 5 should be formed. 

Recommendations:

BUY 1,3425 SL 1,337 TP 1,3575,

BUY 1,3385 SL 1,333 TP 1,357.

Similar

GBP/USD: pound is overbought

Expanding bullish Ichimoku Cloud with rising Senkou Span A; a golden cross of Tenkan-sen and Kijun-sen but narrow channel Tenkan-Kijun.

gbp

Latest news

GBP/USD: confirmed "Thorn" pattern

The last "Pennant" pattern has been broken, so bulls found resistance at 1.2915. Nevertheless, the market is likely going to move on, so we should...

gbp

Deposit with your local payment systems

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Internal error. Please try again later

Beginner Forex book

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera