USD/CAD: bulls got into a trap
Read the article on FBS website
Recommendation:
SELL 1.2655
SL 1.271
TP1 1.2555 TP2 1.2495
On the daily chart, USD/CAD formed a “Shakeout-Fakeout” pattern with a false break of an upper border of a triangle. As a result, the pair went outside of the uptrend channel. Such dynamics increases the risks of it sliding to 88.6% target of the “Bat” pattern.
On H1, USD/CAD is finishing a “Widening wedge” pattern. A pullback to 23.6% with the following return to point 5 means that bears are serious.
