USD/CAD: the CAD is strong

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Recommendation:

SELL 1.319

SL 1.3245

TP1 1.309 TP2 1.303 TP3 1.2925

On the daily chart of USD/CAD, the pair keeps reaching targets of  “Shark” and “Wolfe waves” patterns. When the pair reaches the 88.6% target of the “Shark” pattern, risks of the pullback will increase. Vice versa, a break of the resistance at 1.319 will increase the possibility that the pair will reach the 1.3315 target of the “Wolfe waves” pattern.

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On H1, the pair reached the target of the “Wolfe waves” pattern. A break of the upper boundary of the downward channel will increase odds of the formation and implementation of the reversing “Three Indians” pattern.

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