USD/CAD: loonie showed wings

USD/CAD: loonie showed wings

Recommendation:

BUY 1.2885

SL 1.283

TP1 1.2985 TP2 1.313 TP3 1.325

On the daily chart, the inability of bears to hold USD/CAD below the lower border of the uptrend channel points at sellers’ weakness. To restore the uptrend and reach 88.6% target of the “Shark” pattern, bulls need to conquer resistance at 1.2922.

 CAD1.png

On H1, return to resistance area at 78.6% and 88.6% of the wave 4-5 of the “Widening wedge” means that bulls are in control.

CAD2.png

cad

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EUR/GBP: pound is chasing a bat

On the daily chart of EUR/GBP, bears managed to seize the initiative and brought the pair to the lower border of the medium-term consolidation range (0.8695-0.9015). If the pair triggers the “Bat” pattern, the odds of it going to its 88.6% target at 0.8635 will increase.

EUR/USD: bears hit the breaks

On the daily chart, EUR/USD reached an interim target at 78.6% of the “Bat”. The pair formed an inside bar. A break of its upper border will increase the odds of a break above the diagonal resistance and a trigger of the “Shark” pattern.

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