USD/CAD wants out of the corridor

USD/CAD wants out of the corridor

2019-11-11 • Updated

Recommendation:

BUY 1.2920 SL 1.2865 TP1 1.3020 TP2 1.3120 TP3 1.3300

SELL 1.2795 SL 1.2850 TP1 1.2695 TP2 1.2590 TP3 1.244

On the daily chart, USD/CAD is consolidating in the 1.2795-1.2920 range in line with an uptrend. A break of its upper border will allow bulls to count on the continuation of the rally towards 127.2% target of AB=CD. On the other hand, successful test of support at 1.2795 will increase the risks of decline to the lower border of the uptrend channel.

CAD1.png  

On H1, a conservative approach means buying at 1.2945 – the upper border of the previous consolidation range within the “Spike and ledge” pattern.

CAD2.png

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