USD/CAD: loonie aims for a break

USD/CAD: loonie aims for a break

2019-11-11 • Updated

Recommendation:

SELL 1.2925

SL 1.2980

TP1 1.2825 TP2 1.2805

On the daily chart of USD/CAD, bears launched an attack thanks to the formation of “Three Indians” and 1-2-3. A break of the diagonal support near 1.2925 will increase the odds of a “Bat” with a target at 88.6%. On the other hand, a pullback will allow bulls to counterattack.

USDCAD d1.png  

On H1, USD/CAD keeps forming a “Bat” and AB=CD. When it reaches the convergence area of 1.2805-1.2825 (88.6% and 224% targets), there’s a high probability of a recovery.

USDCAD h1.png

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