USD/CAD 1H Chart: Double Top

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/CAD started to from a double top pattern on November 7. A day after the pair moved to a two-month high; it neared but did not quite reach it first time but managed to hit this peak during the second escalation. Now the currency couple has entered the bearish phase of the pattern that is likely to take the pair well below the pattern's support lying at 1.0464. To confirm this, the pair has to succumb to the selling pressure and fall below the support line represented by the 50-hour SMA and then target daily support at 1.0468, a dive beneath which would send the pair to the lower limit of the pattern that is a last defence against accelerating decline.
© Dukascopy Bank SA
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