USD/CAD: loonie is on a holiday

USD/CAD: loonie is on a holiday

2019-11-11 • Updated

On the USD / CAD daily chart, the bulls failed to test the resistance at 1.3405. This led to the formation of the consolidation range 1.328-1.341. A breakout of the lower border of the upward trading channel followed by successful tests of the supports at 1.3305 and 1.328 will send quotes lower. In contrast, a successful test of the resistance at 1.3405 can lead to the transformation of the "Shark" pattern into 5-0 and restoration of the uptrend. 

On the USD/CAD hourly chart, there is consolidation in the range of 1.328-1.34. Traders should bet on a breakout of its upper or lower borders.

Recommendation: BUY 1,34 SL 1,3345 TP 1,352, SELL 1,328 SL 1,3335 TP 1,312. 

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