Current price: 1.3660
Key point: 1.3800
Our preferred direction: sell positions below 1.3800 levels, targeting 1.3550 as the first target, then 1.3475 as the second target.
Alternative scenario: Stop loss and change the trend by breaking the 1.3800 level, targeting 1.3880 levels.
Technical commentary
The Canadian Dollar pair is moving in an upward direction on the daily time frame from the bottom of last July and within an ascending price channel
The price reached the upper border of the channel in addition to the pivotal resistance levels 1.3800-1.3840 with the presence of a Harmonic SHARK pattern with an 88% Fibonacci retracement of the XA leg.
The price is expected to fall to the support levels at the lower border of the channel 1.3475-1.3450
