USD/CAD: bulls pull the pair up

USD/CAD: bulls pull the pair up

2019-11-11 • Updated

Recommendation:

BUY 1.3425 SL 1.337 TP1 1.3525 TP2 1.3565 TP3 1.36

On the daily chart of USD/CAD, the implementation of the "Bat" and AB=CD patterns continues. Their 88.6% and 127.2% targets mark the convergence zone near the 1.36 level. Bulls need to break the resistance at 78.6% of the "Bat" pattern's XA wave to pull the pair further up. 

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On H1, the return to the support at 1.3285 followed by the implementation of the "Broadening Wedge" pattern will increase the risks of the fall. Otherwise, if the resistance at 1.3425 is broken, the pair will keep moving up. 

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After completing a substantial 4-week bullish rally, the US Dollar closed last week with a big bearish candle, which has led to a 2.63% decline in US Dollar prices. The million-Dollar question on traders' and investors' minds: is this the start of a US Dollar dump or just a correction?

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