Great Britain released retail sales data on May 20, 9:00 GMT+3. The reading outperformed expectations greatly (+1.4% actual vs. -0.3% forecast).
USD/CAD: bulls reached a convergence zone
2019-11-11 • Updated
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.
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