I feel we might be done going up on USDCAD. Price can still head as high as 1.35 but currently we had a strong drop in Jun. and consolidated in between the 50% fib from the top and bottom of that weekly trend down.
Now price shows a double top on daily and an head n shoulder for a lower drop on the hourly chart.
Price curvature shows weakening buy power. Feds stopped pumping dollars last week. At this same time we got a trend continuation back down.
This idea is to determine a short position should price follow with a bearish flag pattern these next few days to sell by Wednesday.
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1hr head n shoulder formation HAS NOT been made. What I meant to state was there was a "possible formation" of one in effect. If not price can continue to pinch.