Downside target for USD/CAD
USD/CAD has made an immense move to the downside on Tuesday falling by about 200 pips.
USD/CAD: loonies is resuming the trend
Recommendations:
SELL 1.2555
SL 1.261
TP1 1.2455 TP2 1.2345
On the daily chart of USD/CAD, there is a continuation of the “Shark” pattern. Bears are trying to pull the pair out of the middle-term uptrend channel and to recover the long-term downtrend. Firstly, the need to break the support at 1.258.
On H1, there are junior and senior “Shark” patterns. Their 88.6% and 113% targets form the 1.234-1.238 convergence. The pair needs to break the bottom line of the 1.2555-1.262 consolidation to reach the convergence.
Ivan Karamazov
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