USD/CAD: loonies is caught by sharks

USD/CAD: loonies is caught by sharks

Recommendations:

SELL 1.2490 SL 1.2545 TP1 1.239 TP2 1.229 TP3 1.2190

BUY 1.2665 SL 1.2610 TP1 1.2765 TP2 1.2895

On the daily chart, USD/CAD the inability of bulls to return the pair inside the previous consolidation range of 1.2670-1.2895 was the first signal of their weakness.

CAD1.png 

On H1, if USD/CAD breaks below support at 1.2560 and 1.2490, the risks of the pair getting to 88.6% of the junior “Shark” pattern. To continue rising and reach 88.6% target of the senior “Shark” pattern, the pair has to convincingly rise above resistance at 1.2665.

CAD2.png

cad

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