Expanding bearish Ichimoku Cloud with falling Senkou Span A; a new cross of Tenkan-sen and Kijun-sen
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.
Narrow bearish Ichimoku Cloud, horizontal Senkou Span A and B; a new weak golden cross of Tenkan-sen and Kijun-sen; the prices are three way bounced from the SSB’s resistance.
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