The Canadian Dollar is trapped in a downtrend and is building out the last shoulder of an H&S. A break through R1 and out of the downtrend would negate the head and shoulders. R1 at .77195 is significant resistance for upward movement. Waiting for confirmation of H&S when the market reverses down toward pivot at .76560 and continues through. Since the right shoulder is not very high, expect drop to S2 at .75530. Outside chance of a double bottom at .75020, unless of course the USD goes up and Oil drops significantly, then we might have a larger than expected run.
Comment:
CAD keeps moving lower building out the right shoulder. Since Friday is coming, we might see some up and down trading if oil moves back up after its spinning top pause today. USD mounted a small come back, but that market is creating a massive head shoulders. We might not get much of a down move here on CAD. Neckline is target for CAD at .76250
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