USD/CAD has been moving down recently following the formation and breakout of a pennant on the daily chart.
Price has now formed another pennant on the 1H chart.
Price showed strong rejections off the previous support with a bearish engulfing pattern
The price impulsed downwards and then started correcting. In such cases, another impulse or move downwards may be expected.
We should look to sell with targets marked in green. A second target would be at 1.20070 but is for the pennant on the daily chart.
USDCAD
Price has now formed another pennant on the 1H chart.
Price showed strong rejections off the previous support with a bearish engulfing pattern
The price impulsed downwards and then started correcting. In such cases, another impulse or move downwards may be expected.
We should look to sell with targets marked in green. A second target would be at 1.20070 but is for the pennant on the daily chart.
USDCAD