USD/CAD: loonie wants to get out

USD/CAD: loonie wants to get out

Recommendation:

SELL 1.2660

SL 1.2715

TP1 1.2590 TP2 1.2490 TP3 1.2390

On the daily chart, USD/CAD keeps consolidating within a short-term trend. A break of its upper border near 1.2895 will create grounds for reaching 88.6% target of the “Shark” pattern. On the other hand, a decline below support at 1.2670 will increase the risks of the medium-term downtrend’s resumption.

CAD1.png

On H1, USD/CAD can trigger a “Widening wedge”. To do this, bears need to settle below 1.2715 and then pull the pair below 1.2660 and 1.2625.

CAD2.png

cad

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