USD/CAD Bearish SHS Pattern at Resistance

2 min read
tarantula fx

tarantula fx

Head of Trading

The USD/CAD formed the left shoulder and the head while the right shoulder is gradually progressing towards possible rejection.

The pair has been in a steady uptrend but at this point we can see the signs of a trend slowdown. Interim resistance is W H1 1.2922 so watch for possible rejections there.

However, If the price spikes up to POC 1.2960-80 watch for rejections towards 1.2922 and 1.2891. Intraday target is 1.2812. If we see the break of 1.2812 that has a confluence with a trendline, 1.2780 is next.

Ideally the price needs to stay below M H3 1.2993 for this scenario to be valid.

Good trading,
Nenad Kerkez aka Tarantula FX

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