USD/CAD: bulls saw a red rag

USD/CAD: bulls saw a red rag

Recommendation: BUY 1,277 SL 1,2715 TP1 1,287 TP2 1,294. 

On the daily chart, bulls are trying to develop their advantage and conquer resistance at 1.2737-1.2765. If they succeed, the odds of correction towards 1.2925-1.2939 will increase. To resume the downtrend, bears need to lead the pair outside of the bullish trend channel and then overcome support at 1.2650.

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On H1, USD/CAD formed the “Dragon” pattern. A successful test of resistance at 1.2770 will strengthen the risks of a pullback to 1.2870 and 1.2940.

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