USD/CAD: bears want revenge

USD/CAD: bears want revenge

2019-11-11 • Updated

Recommendation: SELL 1.3265 SL 1.332 TP1 1.3165 TP2 1.3125 TP3 1.3045

On the daily chart, USD/CAD reached 127.2% and 200% targets of the senior and junior AB=CD. This increases the risks of a reversal. Formation of the “Three moves” pattern points to a potential correction.

USDCAD1.png  

On H1 of USD/CAD, there’s a “Spike and reversal with acceleration” pattern. A successful break of a trendline of the spike stage will trigger a “Shark” pattern with targets at 88.6% and 113%. The necessary condition for a change in trend is a decline of the pair to the trendline of the initial stage.

USDCAD2.png

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