USD/CAD: bulls are having troubles

USD/CAD: bulls are having troubles

Recommendation:

SELL 1.2540

SL 1.2595

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.

CAD.png

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.

CAD2.png

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