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USD/CAD: loonie showed wings

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Recommendation:

BUY 1.2885

SL 1.283

TP1 1.2985 TP2 1.313 TP3 1.325

On the daily chart, the inability of bears to hold USD/CAD below the lower border of the uptrend channel points at sellers’ weakness. To restore the uptrend and reach 88.6% target of the “Shark” pattern, bulls need to conquer resistance at 1.2922.

 CAD1.png

On H1, return to resistance area at 78.6% and 88.6% of the wave 4-5 of the “Widening wedge” means that bulls are in control.

CAD2.png

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