USD/CAD 4H Chart: Double Top

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Greenback-loonie cross is signalling about pairs depreciation as this is the main underlying idea of the Double Top pattern's (pair fails to reach new high and gradually returns to the previous levels). Such development in the short term is supported by the technical indicators. In the medium term, however, we have completely different picture—almost unanimous indication of pairs appreciation. Taking in to account that pattern's high is also the pairs highest level in more than 2.5 years it gives ground to the speculation that our Double Top pattern could convert in to Triple Top or Rectangle pattern. 

© Dukascopy Bank SA
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