FX:USDCAD U.S. Dollar/Canadian Dollar
USDCAD trade now 4 weeks old and is continuing to trend slowly lower. The pair tried to mount a recovery on Friday but ended up putting in a shooting star candlestick at the previously identified trend line. The first target from the measure to of the head and shoulders has been met however I am continuing to hold short, a break of the right angle triangle identified on the chart would make 1.18 seem likely. The chart continues to give evidence that a significant top is in place and a medium term trend has started. I try to trade on a longer term time frame.