XAU/USD has reached resistance
XAU/USD reached resistance of the uptrend channel in the area of 1347.
USD/CAD: bears got scared of a Shark
Recommendation:
SELL 1.2675
SL 1.273
TP1 1,2575
TP2 1.249
TP3 1.245
On the daily chart, USD/CAD keeps forming the 5-0 pattern. Recoil from convergence area at 1.2737-1.2765 allowed bears to try to resume the downtrend. If the pair renews low at 1.2525, it will increase odds of the continuation of the decline. On the other hand, if prices leave the short-term descending trend channel, a consolidation between 1.2525 and 1.2765 may develop.
On H1, a successful attack on resistance at 1.2595-1.2610 will trigger the inverse “Shark” pattern with 88.6% target. The inability of bulls to hold the pair above 1.2595 will point at their weakness.
Ivan Karamazov
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