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 is hunting a shark
2019-11-11 • Updated
TP1 1.269 TP2 1.2585 TP3 1.243
On the daily chart of USD/CAD, the pair pulled back after reaching 127.2% target of AB=CD. Bulls failed to keep the pair above the important area of 1.2914-1.2922. This points at their weakness. Triggering of the “Shark” pattern will increase the risks of correction towards 1.2685, 1.2580, 1.2430 and 1.2345.
On H1, a break of support at 1.2805 will trigger the “Shark” and AB=CD. Their targets of 113% and 224% are at 1.2585 and 1.269.
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