Gold prices bounced back on Wednesday, reaching $2,173.60 after briefly dipping to $2,150.00. Traders speculate that the US Federal Reserve (Fed) might reduce borrowing costs, but a recent report showing higher-than-expected inflation in the US could delay such actions. Despite signs of a cooling labor market, the US economy remains robust, with inflation
USD/CAD: the loonie follows the “Bat”
2019-11-11 • Updated
Recommendation:
SELL 1.311
SL 1.3165
TP1 1.301 TP2 1.2915 TP3 1.2795
On the daily chart of USD/CAD, bears try to counterattack and implement the “Bat” pattern. Its 88.6% target corresponds to 1.2795. First of all, bears need to break supports at 1.311 and 1.3055 and pull the pair out of the upward short-term channel.
On H1, there is the strong bullish trend. To counterattack, bears have to break the support at 1.311 and implement the AB=CD pattern.
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