Downside target for USD/CAD

2020-05-27 19:01    FBS

USD/CAD has made an immense move to the downside on Tuesday falling by about 200 pips. The pair closed below the April-May support line and the 50% Fibo retracement of the 2019-2020 advance. As you may see on the chart, the price broke out of the consolidation range within which it had spent a couple of months.

The next Fibonacci level is at 1.3605. Before that, the pair can have support of the 100-day MA (1.3705). On the H1, USD/CAD formed a triangle – a bearish continuation pattern.

Trade idea for USD/CAD

SELL 1.3750; TP1 1.3705; SL 1.3770

Downside target for USD/CAD Institution Opinions


CAD

0 traders reviewed this item, please leave a reply!

About FXYEAH | Broker Listing | Contribute | Contact Us | Sitemap | TagCloud
Disclaimer: All contents of site are only for your reference, don't suggest you do any investment decision, you should be responsible for your decision.