Trade idea for USD/CAD
On the daily chart, bulls are trying to return USD/CAD inside the long-term uptrend channel.
USD/CAD: bulls need a break
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.
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.
Ivan Karamazov
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