During the Asian session on Wednesday, the USD/CAD pair rebounded after two days of losses, reaching around 1.3590. This uptick is fueled by a stronger US dollar and lower crude oil prices, which put pressure on the Canadian dollar. The decline in Western Texas Intermediate (WTI) oil prices to approximately $80.70 is attributed to...
USD/CAD: bulls control the situation
2019-11-11 • Updated
Recommendation: BUY 1.3315 SL 1.3260 TP1 1.3415 TP2 1.3515 TP3 1.3615, SELL 1.3190 SL 1.3245 TP1 1.3110 TP2 1.3050 TP3 1.3
On a daily chart of USD/CAD, the targets of “Shark” (88.6%) and “Wolfe Waves” patterns were reached. As a result, the risks of the reversal to 23.6%, 38.2% and 50% from the CD wave increased. If the resistance at 1.3315-1.3320 is broken, the bulls can expect a further rise.
On H1, bulls keep the situation under control. However, if the pair leaves the upward channel and breaks the support at 1.3190 (23.6% from the last upward wave), the “Crab” pattern with the 161.8% target will be activated.
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Hello again my friends, it’s time for another episode of “What to Trade,” this time, for the month of April. As usual, I present to you some of my most anticipated trade ideas for the month of April, according to my technical analysis style. I therefore encourage you to do your due diligence, as always, and manage your risks appropriately.
Bearish scenario: Sell below 1.0820 / 1.0841... Bullish scenario: Buy above 1.0827...
Bearish scenario: Sell below 2200 / 2194 ... Nearest bullish scenario: Buy above 2197... Bullish scenario after retracement: Consider buys around each indicated demand zone