USD/CAD: loonie got a free ride on Wolf wave

USD/CAD: loonie got a free ride on Wolf wave

2019-11-11 • Updated


hold shorts (SELL 1,365 SL 1,3705 TP1 1,3525 TP2 1,337),

BUY 1,3435 SL 1,338 TP 1,365. 

On the USD/CAD daily chart, "Wolf Waves" pattern is in the process of realization. The main scenario is to develop correction towards  50% or 61.8% levels of the CD wave with a subsequent rebound. To continue the downward movement bears need to test the support at 1.3435.

On the USD/CAD hourly chart, the breakout of support at 1.365 increased the risks for implementation of 161.8% target in the Crab pattern. It corresponds to the lower border of the upward trading channel.


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