The pandemic continues hurting economic activity in China, the war in Ukraine is hitting the entire European economy, and the Fed's efforts to control inflation threaten to trigger a recession.
USD/CAD: bulls pull the pair up
2019-11-11 • Updated
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.
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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