USD/CAD: loonies breaks the trend

USD/CAD: loonies breaks the trend

Recommendation: SELL 1,3185  SL 1,324 TP1 1,3 TP2 1,2875. 

On the USD/CAD daily chart, the realization of the Wolfe Waves pattern continues. Its target is located near the 1.3 mark. The Bears' attempt to push quotes beyond the long-term upward trading channel has failed. The repeated attempt may lead to the breakout of the bullish trend and implementation of the target 113% of the Shark pattern (1.2875).

On the USD/CAD hourly chart, the Bulls built bastions near 1.3225 and 1.3185. A successful test of these levels will probably result in a further drop of quotes. 



USD/TRY has moved sharply down this week falling to the support line since the end of November.

Trade ideas for gold

The downside correction is long due in XAU/USD. Gold is stuck ahead of resistance at 1298.50.

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