USD/CAD: bulls reached a convergence zone

USD/CAD: bulls reached a convergence zone

On the USD/CAD daily chart, there is a continuation of the rally towards the convergence zone 1.38-1.384 (target of the reversed "Butterfly" pattern and 61.8% Fibonacci level from the last long-term downward wave). As long as the pair is above support at 1.357, the "bulls" retain their control over the pair.

On the USD/CAD hourly chart, the "Expanding Wedge" pattern was implemented. Target 161.8% of the AB = CD pattern was hit. The return of quotes to support at 1.365 followed by its successful test might result in a correction.

Recommendation: SELL 1.365 SL 1.3705 TP 1,355. 

Similar

NZD/USD: bulls stabilize the trend

On the daily chart of NZD/USD, bears managed to take control over the situation and pull the pair towards the lower border of the upward channel due to the "Three Indians" pattern.

nzd
USD/CNH: a trade idea

Concerns about the US-China trade tensions returned. Does the technical analysis offer a way to make money on this development?

Latest news

GBP/USD: confirmed "Thorn" pattern

The last "Pennant" pattern has been broken, so bulls found resistance at 1.2915. Nevertheless, the market is likely going to move on, so we should...

gbp

Deposit with your local payment systems

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Internal error. Please try again later

Beginner Forex book

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera