USD/CAD: sellers lost the initiative

USD/CAD: sellers lost the initiative

2019-11-11 • Updated

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.

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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.

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