After completing a substantial 4-week bullish rally, the US Dollar closed last week with a big bearish candle, which has led to a 2.63% decline in US Dollar prices. The million-Dollar question on traders' and investors' minds: is this the start of a US Dollar dump or just a correction?
USD/CAD: loonie drew a triangle
2019-11-11 • Updated
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.
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.
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