USD/CAD: the CAD is strong

USD/CAD: the CAD is strong

Recommendation:

SELL 1.319

SL 1.3245

TP1 1.309 TP2 1.303 TP3 1.2925

On the daily chart of USD/CAD, the pair keeps reaching targets of  “Shark” and “Wolfe waves” patterns. When the pair reaches the 88.6% target of the “Shark” pattern, risks of the pullback will increase. Vice versa, a break of the resistance at 1.319 will increase the possibility that the pair will reach the 1.3315 target of the “Wolfe waves” pattern.

usdcad_d.png

On H1, the pair reached the target of the “Wolfe waves” pattern. A break of the upper boundary of the downward channel will increase odds of the formation and implementation of the reversing “Three Indians” pattern.

usdcad_60.png

Similar

Levels to trade EUR/USD

EUR/USD has turned up from the 50-day MA at 1.1715 yesterday. This is a sign that buyers are strong. Still, the short-term resistance line limits the upside at 1.1870.

USD/JPY: target for selling

The resistance line is limiting USD/JPY on the upside and, unless the pair tries for a breakout (which anyway will meet resistance at 106.50 and 106.80), the easiest path for it will be to go down.

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