Last week, EURUSD broke below a significant support level, the gas price retested its October high, and the oil prices managed to correct lower on the bearish signs of more oil supplies coming into the market.
USD/CAD: loonie fell from the ledge
2019-11-11 • Updated
TP1 1.2690 TP2 1.2570
On the daily chart of USD/CAD, after a short consolidation in the 1.2810-1.2950 range bulls manage to pull the pair above its lower border and trigger the “Shark” pattern with a target at 88.6%. The necessary condition for the further decline is the fall below support at 1.2685-1.2715.
On H1, a break of support at 1.2815 with its following retest triggered the “Spike and ledge”, “Shark” and AB=CD. The targets of the last two at 113% and 224% are at 1.2570 and 1.2690.
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