The USD/CAD has formed an inverted head and shoulders pattern right at the W L3 so we should see a bounce.
How I teach traders to trade the bullish SHS is different from classical price action school. A profitable bounce might happen at the bottom of the right shoulder provided there is enough confluence for making a trade. At this point we can see that 1.3260-80 is indeed providing a confluence so we should see a bounce from that zone. Momentum is needed as the pair lack general volatility. 54 pips for the last 5 days is very slow. If the scenario is successful, we should see 1.3320, 1.3337 and 1.3380 as the final target.
The analysis has been done with the CAMMACD.MTF template.
For more daily technical and wave analysis and updates, sign-up up to our ecs.LIVE channel.
Many green pips,
Nenad Kerkez aka Tarantula FX