USDCAD: Confirmed Bearish Reversal
📉 USDCAD has formed a head and shoulders pattern on the 4-hour chart.
After the release of US economic data yesterday, the price dropped sharply, breaking below the pattern's neckline.
This morning, the pair is retesting the broken neckline and moving lower, indicating the potential for further downside.
The next key support level to watch is 1.4244.
After the release of US economic data yesterday, the price dropped sharply, breaking below the pattern's neckline.
This morning, the pair is retesting the broken neckline and moving lower, indicating the potential for further downside.
The next key support level to watch is 1.4244.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.