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

Levels to trade EUR/USD

EUR/USD met resistance in the 1.1415 area. The pair’s advance in the recent days was quite rapid, so it might be hard for the euro to retain the bullish momentum.

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