USD/CAD: loonie wants to be set free

USD/CAD: loonie wants to be set free

2019-11-11 • Updated

On the USD/CAD daily chart, after the implementation of the intermediate target in the "Crab" inverted pattern, there was a trend reversal. A downward trading channel was formed. If the "bear" manage to push prices below the important level of 1.3306 (38.2% of the last descending long-term wave), there is a risk of further dip towards 1.31.

On the USD/CAD hourly chart, the quotes approached the lower border of the upward trading channel. If it is broken and the support at 1.329 is tested it will allow the "bears" to count on the implementation of the 200% target in the A = CD pattern (1,317).

 

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