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

EUR/USD: euro on new lows

Bearish Ichimoku Cloud with falling Senkou Span A and B; a dead cross of Tenkan-sen and Kijun-sen, but the lines are horizontal

eur

Popular

Morning brief for June 2

Today’s news headline is that Trump officially announced the withdrawal of the US from the Paris climate agreement…

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