USD/CAD has made an immense move to the downside on Tuesday falling by about 200 pips.
USD/CAD: loonies is caught by sharks
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.
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.
CAD/JPY recovered last week to the 78.00 area (38.2% Fibonacci of the February-March decline), but then turned down again getting back below the 50-period MA on the H4.
After opening the week with a gap up, EUR/CAD formed two inside bars on the D1. This is the sign that the advance has run out of steam.
Risk-on pushed stocks and riskier currencies upward.
It’s simply the question of time before gold price gets to the higher levels…
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