Downside target for USD/CAD
USD/CAD has made an immense move to the downside on Tuesday falling by about 200 pips.
USD/CAD: bulls showed weakness
Recommendation:
SELL 1.2730
SL 1.2785
TP1 1.263 TP2 1.256 TP3 1.2
On the daily chart of USD/CAD, the inability of bulls to break above resistance at 1.2920 pointed at their weakness. If the pair leaves the uptrend channel, this will increase the odds of a “Butterfly” pattern with a target at 127.2%.
On H1, USD/CAD formed a “Shakeout-Fakeout” pattern. Currently, the pair is retesting resistance at 1.2815. If it fails and falls below support at 1.2730, bears will be able to count on the triggering of the “Shark”.
Ivan Karamazov
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