USDCAD has been moving sideways after a major downtrend breaking out of a descending triangle a couple of weeks ago.
After this week, we can see that price has formed somewhat of a head and shoulders pattern, with current price forming the last shoulder.
Additionally, the last shoulder is currently forming on a strong resistance point from a falling trendline.
Should this resistance hold, we could look to sell USDCAD back it's previous low price.
After this week, we can see that price has formed somewhat of a head and shoulders pattern, with current price forming the last shoulder.
Additionally, the last shoulder is currently forming on a strong resistance point from a falling trendline.
Should this resistance hold, we could look to sell USDCAD back it's previous low price.