USD/CAD: bulls are counting on a triangle

USD/CAD: bulls are counting on a triangle

2019-11-11 • Updated

Recommendation:

SELL 1.2505 SL 1.256 TP 1.231 TP2 1.218

SELL 1.255 SL 1.261 TP 1.245 TP2 1.231

On the daily chart, USD/CAD bears managed to renew the long-term low. This increases the risks of the continuation of the decline to 1.2310, 1.2180 and 1.2040. Never the less, we can’t exclude the possibility of a short-term pullback because of the inside bar.

CAD1.png  

On H1, bears returned the pair inside the descending channel. This is a sign of their strength. At the same time, a break of the upper border of the triangle will create the risks of a pullback towards 1.2501-1.2507 and 1.254-1.2559.

CAD@.png

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