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Short

Loonie forms bullish BAT pattern, good to sell on rallies

FX:USDCAD   U.S. Dollar/Canadian Dollar
465 2 12
Harmonic pattern formed- Bullish BAT pattern

Potential Reversal Zone( PRZ)- 1.3355

Loonie has made a high of 1.3352 on Tuesday and declined till 1.2850 from that level. It has almost formed a double top around 1.335 and not able to cross above that level.

Any break above 1.3350 will take the pair to new level 1.3880.

On the downside minor support is around 1.3250 and break below targets 1.3170/1.3140/1.3060.

Bullish invalidation only below 1.3050.

It is good to sell on rallies around 1.3290-95 with SL around 1.3350 for the TP of 1.3170
Fully agree, entered a bit earlier.
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Josphat89
a year ago
The pair is also on a downward channel on the 1H chart. Totally agree with your analysis..Thanks.
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