USD/CAD: bulls need a break

USD/CAD: bulls need a break

2019-11-11 • Updated

Recommendation:

BUY 1.2915

SL 1.286

TP1 1.3015 TP2 1.3110

On the daily chart of USD/CAD, bulls managed to rise to an important level of 1.2920 and settle above it. Now they count on an advance to 127.2% target of AB=CD. At the same time, if the pair reached 113% of the “Shark”, the risks of a pullback will increase.

CAD1.png  

On H1, there is a “Spike and reversal with acceleration” pattern. The pair reached 224% target of AB=CD. This increases the odds of correction. The trend is bullish, so it will be wise to use pullbacks for opening long positions.

CAD2.png

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