USD/CAD: shakeout-fakeout pattern has been realized

USD/CAD: shakeout-fakeout pattern has been realized

2019-11-11 • Updated

On the USD/CAD chart, a successful attack on the diagonal support in the form of the lower border of the upward trading channel activated the Gartley pattern with a target 78.6%. The convergence zone is located near 1.31. The nearest important resistance can be found at 1.3305.

On the USD/CAD hourly chart, the "Shakeout-fakeout" pattern has been realized. Quotes fell below the lower boundary of the "Splash and ledge" pattern on the basis of 1-2-3. This tells us about the weakness of the bears and allows us to bet on the realization of the Gartley pattern. 

Recommendation: SELL 1,328 SL 1,3335 TP 1,31.

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