USD/CAD: sellers lost the initiative

USD/CAD: sellers lost the initiative

Recommendation:

SELL 1.3325

SL 1.3380

TP1 1.3225 TP2 1.3125 TP3 1.3025

On the daily chart, bears tried to form “Three Indians”, 1-2-3 and “Bat” with 88.6% target but failed to bring USD/CAD to an important support at 1.2925. Buyers got the initiative. If they manage to bring the pair out of the downtrend channel, the risks of bullish trend resumption will increase.

usdcad_d.png 

On H1, USD/CAD may form a “Broadening wedge”. A pullback from the lower border of the uptrend channel in the area of potential point 4 will be a signal for short positions.

usdcad_60.png

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The way EUR/GBP bottomed around 0.8700, then rose above 0.8870 and jumped from the trendline support at 0.8910 shows that the pair possesses bullish momentum.

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