On the USD/CAD daily chart, prices rebounded from the lower boundary of the upward trading channel and activated the pending order (BUY 1,308).
This allowed us to open a long position and take some profits (TP1 1,3275). If the “bulls” manage to consolidate above the important 1.3306 level, the rally may continue.
On the USD/CAD hourly chart, the targets of the Shark pattern were fulfilled. There is a transformation of this pattern into the 5-0 pattern. If bulls fail to test resistances at 1.3335 and 1.3395, it will be a signal for the attack of bears. If bulls manage to break out the 1.3531 level, there can be a restoration of the uptrend.
Recommendations: we should change TP2 on the long positions opened at 1,308 to 1,3395, BUY 1,3531 SL 1,3476 TP1 1,37 TP2 1,3835.
Origin: FX BAZOOKA
