USD/CAD: loonie drew a triangle

USD/CAD: loonie drew a triangle

2019-11-11 • Updated

Recommendation:

BUY 1.283 SL 1.2775 TP 1.293

SELL 1.2675 SL 1.273 TP 1.2575

On the daily chart, USD/CAD formed a triangle. A break of its lower border will trigger the “Bat” pattern with the target at 88.6%. On the other hand, if the pair gets above the upper border, bulls will regain hope for getting to 88.6% target of the “Shark” pattern.

CAD1.png  

On H1, USD/CAD keeps forming the “Spike and ledge”. A successful test of the lower border of 1.2675-1.2830 range will increase the risks of reaching 161.8% target of AB=CD. A break of resistance at 1.2830 will encourage the uptrend’s resumption.

CAD2.png

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