USD/CAD: bulls control the situation

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.

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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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