USD/CAD: will the triangle stop bears?

USD/CAD: will the triangle stop bears?

Recommendation:

BUY 1.2165

SL 1.211

TP1 1.229 TP2 1.2365

On the daily chart, USD/CAD approached 200% target of AB=CD. If bears manage to conquer support at 1.2045, risks of continuation of the decline to 1.1960 and 1.1820 will increase. On the other hand, pair’s return above resistance at 1.2185 will create grounds for a correction.

CAD1.png 

On H1, USD/CAD formed a triangle. A break of its upper border will increase the possibility of a pullback towards the lower and the upper border of the earlier gap.

CAD2.png

cad

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Bullish Ichimoku Cloud with rising Senkou Span A and B; a golden cross of Tenkan-sen and Kijun-sen with rising lines; a market reached new highs over 1.4000.

gbp

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