USD/CAD Bearish SHS Pattern is Making a Continuation Pattern

USD/CAD Technical Analysis

  • USD/CAD has formed a bearish chart pattern
  • Shoulder Head Shoulder formation on Daily TF
  • Breakout below the neckline is in progress
  • Target is Between W L3 and M L5 camarilla

DAILY CHART USD/CAD

  1. Left Shoulder
  2. The Head
  3. Right Shoulder
  4. The break below the neckline

We can see that the price is breaking below the neckline. Shoulder Head Shoulder bearish pattern is in progress. Any retest of the trend line might be used by bears to reject the price lower again. After yesterday’s FOMC the dollar is losing ground rapidly against commodities such as CAD and GOLD. Next targets are camarilla pivots WL3 and ML5 which is 1.2350-1.2270. Selling the rallies continues.

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Cheers and safe trading,

Nenad

 

Published by

Nenad Kerkez

Nenad Kerkez is an analyst and trader who has been in the market since 2008 and works closely with Admiral Markets as their Senior Lecturer and Market Analyst. Nenad covers over 25 currencies on an intraday basis and has a Masters in economics. He also developed CAMMACD TM, a proprietary trading and analysis strategy wit ever powerful pre fact setups that you can read every day. Nenad is also a valuable presenter on various FX EXPO shows, where he always presents new and interesting ways how to trade price action and protect your own investments. Further, he is the co-founder and head of Elite Currensea Trading, an educational website for currency traders.