USD/CAD: bulls showed weakness

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%.

CAD1.png 

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”.

CAD2.png

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