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Currency analyst

USD/CAD: bulls are taking situation under control

On the USD/CAD daily chart bulls managed to defend their position near the lower boundary of the upward trading channel and switched to the counter-attack. A break of resistance at 1.3306 lever will increase the risks to reach the target of 161.8% of the Crab pattern (1.36). The nearest important support can be found near the 1.2977  level.


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On the USD/CAD  hourly chart senior and junior AB=CD patterns let us define the starting points of the upward mouvement. They are located near the 1,324-1,325 and 1,335 levels. Correction of 23,6%, 38,2% and 50% is usually used for the opening of long positions.

Recommendations: BUY 1,3105 TP1 1,324 TP2 1,335 SL 1,3

                             BUY 1,305 TP1 1,324 TP2 1,335 SL 1,2965. 

CAD
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