On the USD/CAD daily chart, quotes came closer to the lower boundary of the ascending trading channel. If it is tested successfully, the prices can move lower towards 1.2977 (23.6% Fibo level of the last downward long-term wave), and towards 1,284 (88.6% target in the “Double top” pattern).
In contrast, the rebound from the lower boundary of ascending trading channel can lead to the consolidation.
On the USD/CAD hourly chart, an activation of the AB = CD pattern followed by the breakout of the support located at 1.3035 can lead to the drop of the quotes to 224% target of the AB=CD pattern. The nearest resistance levels are located near 1,318 and 1,322 marks.
Recommendation: BUY 1,3035 SL 1,2980 TP1 1,318 TP2 1,322.
