USD/CAD: loonie chooses the way

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.



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