next week on usd cad be focused on a rising parallel channel.
there is high chance that we will see a bearish breakout of this channel.
If daily candle breaks and closes below the support of the channel,
we can short the market.
Target level is 1.305
on 4h usdcad is approaching a resistance line of a rising channel
formation of head and shoulders pattern on 1H chart confirms the potential reverse and drop to channels support.
I have shorted the pair:
T1 - 1.324
T2 - 1.320
USDCAD is very close to a major supply zone around 1.320 - 1.325.
I will be waiting for a bearish breakout of a rising wedge to sell the market inside this area.
Key support levels for targets:
Price Action (Technical Analysis): Spotted a potential Inverted Head and Shoulders Pattern at Key Support Zone while in an Oversold Market in Weekly Time-Frame. We have a Bias that price needs to press up due price pressing down to Weekly low in this Triangle Trend (Weekly Time-Frame). Our last resort to continue this idea would be price rallying at the 61.8%,...