Last week, EURUSD broke below a significant support level, the gas price retested its October high, and the oil prices managed to correct lower on the bearish signs of more oil supplies coming into the market.
USD/CAD: bulls showed weakness
2019-11-11 • Updated
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”.
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Last week brought a selloff in markets. Some assets reached the most crucial support levels and are likely to reverse in a short term. Be ahead of trends and make the most out of this week!