Downside target for USD/CAD
USD/CAD has made an immense move to the downside on Tuesday falling by about 200 pips.
USD/CAD: loonie is flirting with a triangle
Recommendation:
BUY 1.3050 SL 1.2995 TP1 1.3150 TP2 1.3250 TP3 1.3315
SELL 1.2750 SL 1.2805 TP1 1.2650 TP2 1.2590 TP3 1.2440
On the daily chart, USD/CAD bulls are trying to lead the pair out of a triangle and continue north to 127.2% and 200% targets of the senior and junior AB=CD patterns. The necessary condition for an uptrend resumption is a confident break of resistance at 1.3050.
On H1 of USD/CAD, there are conditions for the formation of a reversal pattern “Broadening wedge”. To make it happen, bears need to pull the pair below support at 1.2750.
Ivan Karamazov
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