USD/CAD: is the CAD stronger?
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Recommendation: SELL 1.327
SL 1.3325
TP1 1.317 TP2 1.308 TP3 1.289
On the daily chart of USD/CAD, bears couldn’t keep the pair within the downward channel, it signals their weakness. Bulls want to push the pair to targets of the “Shark” pattern (113%) and “Wolfe Waves”. When the pair reaches the 1.327-1.3315 convergence, risks of the rebound will increase.
On H1, bulls are stronger. A break of the resistance at 1.316 will increase the chance that the pair will reach the 113% target of the “Shark” pattern. However, after the pair reaches it, risks of the correction will increase.
