USD/CAD: bears want more

USD/CAD: bears want more

Recommendations:

SELL 1.2450 SL 1.2505 TP 1.2300 TP2 1.2050

SELL 1.2595 SL 1.2650 TP1 1.2495 TP2 1.2300

On the daily chart, USD/CAD approached multiyear minimum. If it goes below it, AB=CD with 200% target will be triggered. We can’t doubt in the force of the downtrend, so there’s sense to use the pullbacks for selling.

CAD1.png 

On H1, to resume the downtrend bears need to go below 1.2450. A signal for selling will be bulls’ inability to overcome 1.2595.

CAD2.png

cad

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On the daily chart, bears tried to form “Three Indians”, 1-2-3 and “Bat” with 88.6% target but failed to bring USD/CAD to an important support at 1.2925.

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