USD/CAD 30M Chart: Head and Shoulders

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
What appeared to be a hopelessly ranging market in USD/CAD, has now taken the form of a head and shoulders pattern and built up potential for a reversal. The pair is currently testing the neckline of 1.3462 and in case of a breakout, a bullish outburst should follow. There is a strong supply area above the neckline at 1.3469/3480 where the rate could be stalled for a retracement of the broken resistance and a surge towards 1.3478 and then 1.3501. In case of a return inside the pattern, it will face a tough support area at 1.3437/26 which could steal some momentum from the down-wave.
© Dukascopy Bank SA
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