USD/CAD is another pair that is showing some signs of the American dollar’s weakness. First of all, at the end of May sellers managed to break the uptrend line (blue). The breakout was later defended with a successful downswing. Secondly, the price forms a Head and Shoulders formation (yellow rectangles). The neckline was broken yesterday, but that move did not cause any major downswing.
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Currently bulls are trying to deny the sell signal and come back above the neckline. So far it is too early to definitely say if the reversal will be successful or not. It is slightly more likely that bears will manage to continue the downswing as more technical signs are in favor of the sellers.