USD/CAD H&S Failure?

www.investing.com/analysis/usdcad-hs-failure-200632184

By Fawad Razaqzada | Nov 10, 2022 02:09AM ET

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USD/CAD

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With oil and risk assets coming under pressure today, the Canadian dollar has sold off, while the US dollar has risen across the board after its recent weakness.

As a result, the USD/CAD is on the rise and it may go on to invalidate the head and shoulders pattern that it had created a few days ago.

If we climb and hold above the neckline area above 1.3500 area then this will put the bears in a spot of bother. We could then see a sharp rally towards levels where the bulls’ stops might be resting.

USD/CAD Chart

Source: TradingCandles.com

If it plays out how I have described it above, then the first target would be around 1.3682, the base of the break down around the right shoulder area. Thereafter we might see a potential move above 1.3810 where the trapped short stops would be resting, and potentially even 1.40 – above the head of the H&S pattern.

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Comments (1)

Teedee Nov 11, 2022 5:39AM ET

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People should not make analysis simply a simple movement is made. I doubt if this article took into cognizance the expected US CPI at the time of publishing

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USD/CAD H&S Failure?

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