USD/CAD: loonie is taking off
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Recommendation:
SELL 1.2960
SL 1.3015
TP1 1.2860 TP2 1.2820 TP3 1.2730
On the daily chart, USD/CAD is forming a “Three touches” pattern. A pullback from the upper border of the downtrend channel allowed bears to return the initiative. To continue the decline, sellers need to pull the USD below support at 1.2960 and lead the pair out of the long-term uptrend channel.
On H1, USD/CAD reached targets of “Three Indians” pattern on the correction. A successful break of supports at 1.3000 and 1.2960 will allow bears to trigger AB=CD with target at 161.8% at 1.2820.
