USDCAD

  • Price eventually held above the Weekly trendline and shot up right at the end of the last week forming a 4HR triple bottom reversal and a Daily inverted H&S.
  • Look for buy trades on smaller time frames with safer entries above 1.3330.

USDCAD – Daily Chart

 

USDCAD – 4HR Chart

 

  • On an Inverted H&S pattern, the distance between the head and neckline is approximately the distance price potentially travels from the neckline and above (or below for a conventional H&S).
  • Using this method, the marked blue zone is the final target for long trades.
  • Keep in mind, CAD seasonally bottoms out around Mid-March.
  • Just a point to note, a weekly lower high has been made (10/02/19) but this high will be cancelled should price break and go beyond the level.

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