Potential H&S in USD/CAD chart
This can be a sign of exhaustion of the bulls. If you look at the chart, you can see that the pair failed to make a new higher high in the last attempt at rise. After that we were able to see the lower low and there is already a clear H&S pattern. But this can fail like everything else. I would wait for a breakout + retest. This is interesting because of the weak NFP, and in general DXY is struggling to reach new highs and is in a period of consolidation, while CAD shows more strength, and oil is extremely strong, which goes hand in hand with inflation, and as we know CAD and WTI have a strong positive correlation. So, according to all this, we could see bearish pressure on usd/cad in the coming days.
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