Today, as always, we have three good trading occasions. Two of them involve CAD and have nice head and shoulders patterns, which are already up and running. EURCAD is the first one. Here, the price broke the upwards trend line (red), neckline (blue), and the horizontal support (orange). After that, we got a strong drop followed by a reversal testing the recent support as a resistance. This test was positive for sellers and now the price is making new weekly lows. The potential target is 380 pips lower.
USDCAD had a similar setup. A breakout of neckline followed by a reversal, testing it as a resistance. There was a small difference though. On the EURCAD pair, sellers were much stronger. On the USDCAD, the price managed to climb back above the neckline, which was scary for many bears. At the end of the day, they managed to push the price lower but this certainly took its toll on them. The sell signal is on.
Last one is the NZDUSD, which broke the mid-term downwards trend line and is heading towards yearly highs. After bouncing from the 38.2% Fibo, the chances of getting there are very high.