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USD/CAD: bears are gathering strength

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On the daily chart, USD/CAD left the downtrend channel. As a result, the pair is correcting towards 23.6%, 38.2% and 50% within the transformation of the “Shark” pattern into 5-0. It will be sensible to use recoil from important resistance levels for opening short positions.

CAD1.png

On H1, USD/CAD formed “Dragon” pattern. The pair’s currently consolidating within the “Spike and ledge” pattern in the 1.2660-1.2705 range. The break of its upper border will allow the pair to continue correction. A successful test of the lower border will strengthen the risks of the bearish trend resumption.

CAD2.png

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