USD/CAD: bulls got into a trap

USD/CAD: bulls got into a trap

Recommendation:

SELL 1.2655

SL 1.271

TP1 1.2555 TP2 1.2495

On the daily chart, USD/CAD formed a “Shakeout-Fakeout” pattern with a false break of an upper border of a triangle. As a result, the pair went outside of the uptrend channel. Such dynamics increases the risks of it sliding to 88.6% target of the “Bat” pattern.

CAD1.png 

On H1, USD/CAD is finishing a “Widening wedge” pattern. A pullback to 23.6% with the following return to point 5 means that bears are serious.

CAD2.png

cad

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Narrowing bearish Ichimoku Cloud with rising Senkou Span A; a dead cross of Tenkan-sen and Kijun-sen, but rising Tenkan-sen; the bulls could breakout the Kijun’s resistance.

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