1. CAD is in a strong bearish head & shoulders pattern.
2. CAD shows lots of weakness on the back of persistent US and G7 inflation numbers, with BoC being the first to pause rates amidst a slowing economy in Canada.
3. At this moment, 6C showing a false breakout before its next move down.
SPY could be forming the right shoulder of a H&S pattern - I'm monitoring a potential sell-off after this top. Potential causes of a sell-off could be recession fears.
While ideally the head would be a little bit higher, I'm monitoring this formation in expectation of a right shoulder forming and a subsequent sell-off. Fundamental reasons for a sell-off could be Canadian rate cuts or the fear of canadian rate cuts as the economy slows, or a reversal in the recent bearish trends in the price of oil.
Gold broke out today from a consolidation triangle - will be a continuation of pre-consolidation trend. My TP is at $2100 or more, depending on momentum.
GBPUSD has been stuck in this range for months now. I expect it to bounce the resistance level again, coming back down to middle of range which would be my TP.
