USD/CAD: bulls launch an attack

USD/CAD: bulls launch an attack

Recommendation:

BUY 1.2830

SL 1.2775

TP1 1.2985 TP2 1.3075

On the daily chart, the inability of bears to let USD/CAD outside of the uptrend channel points at sellers’ weakness. Bulls managed to hold to 1.2717 and are able to go to 88.6% target of the “Shark” pattern.  

CAD1.png 

On H1, a break of the upper border of the downtrend channel increases the risks of triggering AB=CD pattern and reaching 127.2%, 161.8%, and 200% targets. However, at first, bulls need to push the pair above 1.2830.

CAD2.png

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