Bearish Ichimoku Cloud with horizontal Senkou Span A and B; a weak goldean cross of Tenkan-sen and Kijun-sen with horizontal lines; the prices are on the weak Kijun’s support.
USD/CAD: bulls are having troubles
TP1 1.2420, TP2 1.2200
On the daily chart, we see a start of correction to the downtrend towards 23.6%, 38.2% and 50% of the wave CD. It became possible because the “Shark” pattern transformed into 5-0. To confirm their intentions, bulls need to lead the pair outside of the downtrend channel.
On H1, USD/CAD is forming the “Dragon” pattern. Usually the dragon's head forms in the convergence area on the levels of the dragon’s head (1.2610-1.2635). If bulls fail to get above the resistance, risks of the “rising wedge” will increase.
Bullish Ichimoku Cloud with rising Senkou Span A; a cancelled golden cross of Tenkan-sen and Kijun-sen; a market is overbought and under the strong resistance of 0.8030.
Narrowing bearish Ichimoku Cloud with rising Senkou Span A; a dead cross of Tenkan-sen and Kijun-sen, but narrowing channel Tenkan-Kijun; the market is in correction phase.
USD/JPY has posted slight gains in the first half of past week as political tumult over Trump's obstruction of justice subsided…
Recommendations: BUY 0…
There's a "Shooting Star", which has been confirmed. So, the 34 Moving Average is likely going to act as support...