After completing a substantial 4-week bullish rally, the US Dollar closed last week with a big bearish candle, which has led to a 2.63% decline in US Dollar prices. The million-Dollar question on traders' and investors' minds: is this the start of a US Dollar dump or just a correction?
USD/CAD: Canadian dollar is in charge
2019-11-11 • Updated
TP1 1.2865 TP2 1.2825
On the daily chart of USD/CAD, sellers attempted to trigger a “Bat” pattern with a target at 88.6%. It failed but they don’t want to give up. On the other hand, they are ready for another attack. If they succeed, the decline will continue.
On H1, sellers managed to trigger a “Butterfly” and AB=CD. Their 161.8% targets form a convergence area. To reach it, bears need to pull the price below the August low.
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