Recommendations: SELL 0…
USD/CAD: loonie chooses the way
Recommendation: BUY 1,3505 SL 1,346 TP1 1,359 TP2 1,364.
On the USD/CAD daily chart, there is an attack on the diagonal support in the form of the upper border of the previous downward trading channel. If the Bulls manage to resist the Bears' attack, the risks for implementation of the inverted pattern 5-0 will increase. In contrast, if bears manage to test the aforementioned support, they will be able to implement the Wolfe Wave pattern.
On the hourly chart, USD/CAD is moving within the upward trading channel. Bulls might try to restore the trend once the "Head and shoulders" pattern is realized. You may consider opening the long position on the breakout of the resistance at 1.3505.
Expanding bearish Ichimoku Cloud with falling Senkou Span A and B; the falling lines Tenkan-sen and Kijun-sen; the market made a new lows since Nov 2016.
Bearish Ichimoku Cloud with horizontal Senkou Span A and B; a cancelled dead cross of Tenkan-sen and Kijun-sen with the horizontal lines; the market had returned to negative area.
We've got a bearish "High Wave", which has strong confirmation. In this case, the price is likely going to decline.
Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…
The 144 Moving Average has acted as support, but there's a bearish "Engulfing' at the local high.