USD/CAD: bulls are launching an attack

USD/CAD: bulls are launching an attack

Recommendation

SELL 1.3465

SL 1.3520

TP1 1.3305, TP2 1.3160.

On the daily chart, USD/CAD recoiled from the diagonal support in form of the lower border of the rising trend channel. Bulls counter-attacked, conquered resistance at 1.3305 and are trying to hold the pair above this level. At the same time, large shorts are located at 1.3465 and 1.3525. Unless there’s a break higher we shouldn’t expect a resumption of an uptrend.

cad1.png

On H1 advance towards 1.3460-1.3470 and 1.3495 (88.6% target of the “Bat” pattern) should be used for opening short positions.

cad2.png

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