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

cad

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USD/TRY has moved sharply down this week falling to the support line since the end of November.

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The downside correction is long due in XAU/USD. Gold is stuck ahead of resistance at 1298.50.

Latest news

GBP/USD: pound entered into channel Tenkan-Kijun

Bullish Ichimoku Cloud with horizontal Senkou Span A and B; a golden cross of Tenkan-sen and Kijun-sen with horizontal lines; the market is under strong resistance and prices entered into the channel Tenkan-Kijun.

gbp

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