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USD/CAD: loonie made a trap

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Recommendation:

SELL 1.3210

SL 1.3265

TP1 1.311 TP2 1.291 TP3 1.2805

On the daily chart, USD/CAD keeps fighting for 1.3055. If bulls win, the pair will likely go towards the lower border of the uptrend channel. On the contrary, if bears win, the pair will form a “Bat” pattern.

USDCAD1.png 

On H1, bulls are trying to trigger the “Shark” pattern. If USD/CAD reaches its 113%, it will be possible to distinguish the convergence area with the entry point for a sell trade.

XAUUSD2.png

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