On the USD/CAD daily chart, traders made a profit on the previously-formed longs. The pair continues its rally towards the 1,349 and 1,357 levels.
The former level corresponds to the target 161.8% of the pattern AB = CD, the latter one – to the target 161.8% of the “Crab” inverted pattern and to the 50% Fibonacci retracement level of the last long-term downward wave.
On the USD/CAD hourly chart, we can trace the upward trading channel. The market situation is under the bulls’ control. In this case, we should start opening long positions on pullbacks to the support line which is located at the 1,328 level.
Recommendation: BUY 1,328 SL 1,3225 TP1 1,349 TP2 1,357.
Origin: FX BAZOOKA
