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USD/CAD: falling after formation of H&S

   
The USD/CAD pair has formed a head and shoulders (H&S) top pattern and broken down through the neckline, reaching a target at the recent 1.2990 lows.

The pair has begun a mini-down-trend and this along with the H&S top indicate the probability of a continuation move lower on the horizon. A clear break below the monthly pivot at 1.2996, including a 20 point margin – so below 1.2976 – would probably lead to an extension to a target at the 1.2905 support lows.
USDCAD11b

   
The USD/CAD pair has formed a head and shoulders (H&S) top pattern and broken down through the neckline, reaching a target at the recent 1.2990 lows.

The pair has begun a mini-down-trend and this along with the H&S top indicate the probability of a continuation move lower on the horizon. A clear break below the monthly pivot at 1.2996, including a 20 point margin – so below 1.2976 – would probably lead to an extension to a target at the 1.2905 support lows.
USDCAD11b



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