USD/CAD Possible Inverted Head and Shoulders

2 min read
tarantula fx

tarantula fx

Head of Trading

The USD/CAD is possibly forming the right shoulder on H1 timeframe. The price is currently supported at D H3 camarilla pivot so it will be either make it or break it. For the next move, there are few possible scenarios.

If the price spikes from 1.2735-45 zone we might see 1.2780 – 1.2805 retest, with a possible continuation towards the 1.2840. However 1h momentum break or 4h close below 1.2740 should pull the price towards 1.2716-07. That is a very important decision zone because it might give us a hint that the right shoulder is formed. However, the pattern will fail if we see a break below 1.2700 in which case targets are 1.2687 and 1.2653.

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