USD/CAD: loonie is losing grounds

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.

CAD1.png 

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.

CAD2.png

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