USD/CAD: Canadian dollar is in charge

USD/CAD: Canadian dollar is in charge

2019-11-11 • Updated

Recommendation:

SELL 1.2950

SL 1.3005

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.

USDCAD daily.png  

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.

USDCAD h1.png

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