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USDCAD: Head and Shoulders Falling to raise

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Taking into account the USDCAD trading pattern since January 04, the pair forms an inverse head and shoulder chart pattern. According to the formation, a successful break over 1,3315-20 neckline area could fuel the pair to 1,3665.

However, the 1.3370, the 1.3495-1.3500 & 1.3570 could offer intermediate stops during the rise. Alternatively, 1.3240 and 1.3210 are probably nearby supports for the pair, breaking which 1.3065 may return to the chart.

If prices continue to trade in the south after 1.3065, around 1.2970 can return to the radar of the Bears.

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04 Mar 2019 4:47 pm 0 Posted by tamilforex

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