USD/CAD: the loonie plans the reversal

USD/CAD: the loonie plans the reversal

2019-11-11 • Updated

Recommendation:

SELL 1.353 SL 1.3585 TP1 1.3425 TP2 1.33 TP3 1.3205

On the daily chart of USD/CAD, bulls managed to reach the 127.2% and 88.6% targets of the AB=CD and "Bat" patterns. As a result, the risks of the reversal increased. If the pair does not go higher than the convergence zone and does not manage to break the resistance at 1.36, it will likely fall down. 

usdcad_d.png

On H1, the "Spike and Ledge" pattern was implemented. If the uptrend line is broken, bears will pull the pair towards the 1.3425 and 1.33 levels. 

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