Online Forex broker
2019-11-11 • Updated
Recommendation:
BUY 1.2905
SL 1.2850
TP1 1.3105 TP2 1.3155 TP3 1.3275
On the daily chart, USD/CAD approached the upper border of the 1.2665-1.2900 consolidation range. A break of resistance at 1.2900-1.2930 will increase the odds of advance towards 200% target of AB=CD. The pullback, on the other hand, will lead to further consolidation.
On H1, USD/CAD is forming a “Widening wedge”. A successful test of resistance at 1.2890-1.2905 will allow the formation of point 5. Judging by trading volumes, there are positions of large sellers near 1.2890.
Last week, EURUSD broke below a significant support level, the gas price retested its October high, and the oil prices managed to correct lower on the bearish signs of more oil supplies coming into the market.
USD/CAD is at its lowest level since July. What was the reason?
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