Currency analyst

USD/CAD: bears will be trying to consolidate their success

On the USD/CAD daily chart, the "bulls" fulfilled targets which we had set in our last article and came closer to the very important level of 1.33. Quotes failed to go beyond the trade channel 1.298-1.33; this resulted in sales. Target of the red "Shark" pattern at 88.6% (1.286) has not yet fulfilled; it creates prerequisites for new attacks of "bears".

On the USD/CAD hourly chart, the quotes will continue to rise if the "bulls" manage to return them into the margins of the rising trading channel. Rebound from the resistance at 1.314 will be the signal for opening short positions.

Recommendation: SELL 1.314 SL 1.3195 TP1 1.306 TP2 1.298 TP3 1.286. 

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