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 losing grounds
Recommendation:
SELL 1.2735
SL 1.279
TP1 1.2635 TP2 1.2535 TP3 172445
On the daily chart of USD/CAD, the inability of bears to keep the pair beyond the uptrend channel and reach 88.6% target of the “Shark” points at their weakness. Bulls counterattacked and aim to trigger AB=CD pattern with target at 127.2.
On H1, USD/CAD reached 113% target of the “Shark”. As a result, the risks of decline to 38.2%, 50% and 61.8% of the wave CD increased. To return in the game, bears need to pull the pair out of the uptrend channel.
Ivan Karamazov
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