DamianJordan
Short

USDCAD weekly swing trade

FX:USDCAD   U.S. Dollar / Canadian Dollar
46 0 1
Price is currently pulled back to the 38.2 fib retracement level of the overall bullish move. Price is also sitting at a support zone (blue box) and recently broke through an accelerated trend line . We may look for a slight bounce off this zone and retest the broken trend line . This pull back would line up with a 38.2% retracement of the most recent bearish move.
This pull back to the 38.2 level would complete a weekly head & shoulder pattern. There is also some divergence on the momentum indicator ....indicating an upcoming shift in price towards the down side.

Entry would be on a pull back to form the peak of the right shoulder and we would target the primary fib extension levels which align with our base trend line .
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