Recommendation:
BUY 1.2920 SL 1.2865 TP1 1.3020 TP2 1.3120 TP3 1.3300
SELL 1.2795 SL 1.2850 TP1 1.2695 TP2 1.2590 TP3 1.244
On the daily chart, USD/CAD is consolidating in the 1.2795-1.2920 range in line with an uptrend. A break of its upper border will allow bulls to count on the continuation of the rally towards 127.2% target of AB=CD. On the other hand, successful test of support at 1.2795 will increase the risks of decline to the lower border of the uptrend channel.
On H1, a conservative approach means buying at 1.2945 – the upper border of the previous consolidation range within the “Spike and ledge” pattern.
