- 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.