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USD/CAD: loonie is breaking wedges

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Recommendation:

SELL 1.3045

SL 1.3100

TP1 1.2945 TP2 1.2895 TP3 1.2800

On the daily chart, USD/CAD is fighting for an important level of 23.6% of the long-term wave. If bears manage to hold it and then pull the price below the diagonal support in the form of the lower border of an uptrend channel, the risks of a “Broadening wedge” will increase.

USDCAD1.png 

On H1, USD/CAD made another step towards forming a “Broadening wedge”.  A break of support at 1.3045 will return the pair to the downtrend channel and let the CAD to continue the attack.

USDCAD h1.png

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