USD/CAD 4H Chart: Double Top

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Greenback-loonie cross is posing for approximately 200 pip depreciation. It is the main implication behind the Double Top patterns—pair fails to reach new (relative) high and gradually returns to the previous trading levels. We have observed a rather sharp, 65 pip, sell off in the last 8-12 hours and we should see a minor bullish correction due to this (bounce from the daily S2). It seems that Fibonacci retracements of the initial rally (16th to 23rd of August) have significant impact on the pair—23.6% retracement kept the pair checked  from 23rd to 29th of August.; 38.2% retracement is just slightly below the pattern's support.

© Dukascopy Bank SA
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