USD/CAD: loonie was stopped by an inside bar

USD/CAD: loonie was stopped by an inside bar

Recommendation:

BUY 1.2445 SL 1.239 TP1 1.2545 TP2 1.267

SELL 1.2375 SL 1.242 TP1 1.2275 TP2 1.21

On the daily chart, USD/CAD bears managed to lead the pair outside of consolidation range of 1.2670-1.2895. This increases the risks of the downtrend’s resumption. In the short-term traders can use the inside bar. 

CAD1.png 

On H1, USD/CAD after playing out the “Widening wedge”. The pair formed a short-term consolidation range at 1.2375-1.2445. It would be wise to use breakout strategies.

CAD2.png

cad

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