USD/CAD Technical Analysis

• USD/CAD has formed a bearish chart pattern
• Shoulder Head Shoulder formation on Daily TF
• Breakout below the neckline is in progress
• Target is Between W L3 and M L5 camarilla

DAILY CHART USD/CAD

1. Left Shoulder
2. The Head
3. Right Shoulder
4. The break below the neckline

We can see that the price is breaking below the neckline. Shoulder Head Shoulder bearish pattern is in progress. Any retest of the trend line might be used by bears to reject the price lower again. After yesterday’s FOMC the dollar is losing ground rapidly against commodities such as CAD and GOLD. Next targets are camarilla pivots WL3 and ML5 which is 1.2350-1.2270. Selling the rallies continues.

For a look at all of today’s economic events, check out our economic calendar.

Cheers and safe trading,

Nenad