USD/CAD: loonie reached a milestone

USD/CAD: loonie reached a milestone

2019-11-11 • Updated

Recommendation:

BUY 1.2645 SL 1.259 TP1 1.2745 TP2 1.2850

SELL 1.2510 SL 1.2565 TP1 1.2410 TP2 1.2300

On the daily chart, USD/CAD is at the crossroads. A break of resistance at 1.2645 will give bulls hope for reaching 88.6% and 161.8% of the “Shark” and AB=CD. On the other hand, decline below support at 1.2460 will increase the risk of downtrend’s resumption. 

CAD1.png  

On H1 of USD/CAD, a break above diagonal resistance near 1.2510 will allow bears to reach 88.6% target of the “Bat”.   

CAD2.png

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