USD/CAD: loonie learned 3 moves

USD/CAD: loonie learned 3 moves

Recommendation:

SELL 1.3055

SL 1.311

TP1 1.2955 TP2 1.2855 TP3 1.275

On the daily chart, USD/CAD keeps forming “Three moves” pattern as well as “Spike and reversal with acceleration”. A successful test of support at 1.3055 will allow bears to lead the pair out of the descending trend channel and continue the decline. On the other hand. A turn around from the important level will give bulls hope for the uptrend’s resumption.

usdcad_d.png 

On H1 of USD/CAD, bulls are trying to form a “Three Indians” pattern and resume the uptrend. However, if the pair slides below July low, the sellers will develop a correction.

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