USD/CAD: the fight of bears and bulls

USD/CAD: the fight of bears and bulls

Recommendation:

SELL 1,264 SL 1,2585 TP 1,274.

On the daily chart, USD/CAD reached 88.6% target of a “Shark” pattern. As a result, the possibility of corrective movement towards 23.6%, 50% and 61.8% of the wave CD increased. The following recoil from the important resistance levels should be used for entering short positions within the current bearish trend.

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On H1, bears’ strengths are diminishing. This can be seen from the angle of the downtrend. The break of resistance at 1.2635-1.2640 will allow bulls to start an attack.

CAD2.png

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Expanding bullish Ichimoku Cloud with rising Senkou Span A; a golden cross of Tenkan-sen and Kijun-sen but narrow channel Tenkan-Kijun.

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Latest news

GBP/USD: confirmed "Thorn" pattern

The last "Pennant" pattern has been broken, so bulls found resistance at 1.2915. Nevertheless, the market is likely going to move on, so we should...

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