USD/CAD: bulls let the enemy closer

USD/CAD: bulls let the enemy closer

Recommendation:

BUY 1.2710 SL 1.2655 TP1 1.2810 TP2 1.2910 TP3 1.3100

BUY 1.2960 SL 1.2905 TP1 1.3060 TP2 1.3100

On the daily chart of USD/CAD, the “Shark” is transforming into 5-0. Pullbacks from 23.6%, 38.2% and 50% of the wave CD are usually used for formation of long positions. One of the bullish targets may lie at 127.2% of AB=CD pattern.

CAD1.png 

On H1, USD/CAD keeps forming “Spike and reversal with acceleration”. The necessary condition for the uptrend’s resumption is a break above resistance at 1.2960.

CAD2.png

cad

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