FX:USDCAD   U.S. Dollar / Canadian Dollar
228 2
I don't like that pattern but I cannot ignore it either. On Daily we might be forming a Head and Shoulders pattern but the Right shoulder is definitely not ready yet, so, most likely price will consolidate there a bit longer.
In general, this pattern is extremely tricky to trade and the possibility that it fails in the end is fairly high. Hence, I would use extreme caution using it as a valid trading signal.


The right shoulder has now formed. A break of the neckline along with the current sentiment around the USD seems to make a nice setup.
Yes and no. USDX is a bit over extended and a healthy pullback might be around the corner.
Of course it is very difficult to say, when this correction might begin but in the end, USDCAD may push higher solely due to Cad weakness not USD strength.

Whatever the case will be - USDCAD is the pair to watch at the moment.
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Refer a friend My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out