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USD/CAD – Inverse head and shoulder on 4-hr chart

FX:USDCAD   U.S. Dollar/Canadian Dollar
A textbook inverse head and shoulder is being formed on USD/CAD             4-hr chart with neckline hurdle at 1.3025.

  • Rebound from Oct             15 low of 1.2832 seen today followed by a jump to daily 50-SMA coupled with bullish RSI on 4-hr and daily time frame indicates increased odds of the pair moving towards 1.3025 levels.
  • However, bulls need to observe caution as 23.6% Fibo of 1.4690-1.2461 could play a spoil sport, although support at 1.2771 is likely to prevail even if sell-off gathers steam from the current rate of 1.2940.
  • Only a break below 1.2771 signals bullish invalidation.
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