LONG USDCAD FROM CURRENT LEVEL OF 1.25100 TO 1.30900 IN THE NEXT 60 DAYS.
Potential 600 pip (approximately) move.
Taking into consideration GBP monetary policies taking place in March, raising interest rates in order to ease its inflation rate.
According to the analysis, we may see a pullback to the highlighted yellow box before a Long Opportunity.
Alternatively, the price may be trying to make HH prior the LH. At the moment the price is consolidating.
AFTER THE FORMATION OF HEAD & SHOULDERS, THERE HAS BEEN A BREAKOUT OF A TRENDLINE, WHERE I EXPECT THE PRICE TO FALL TO 1.13200-1.13100 LEVEL WHERE IT REPRESENTS A MAJOR SUPPORT AREA. ALTERNATIVELY, WE MAY SEE A RETEST TO THE TRENDLINE BEFORE CONTINUING A DOWN-SLOPE.
AFTER THE COMPLETION OF HEAD & SHOULDERS, I PRESUME THAT THIS PAIR MAY BE HAVE AN OPPORTUNITY FOR A BUY TO 1.14600 PSYCHOLOGICAL LEVEL, HOWEVER IT MAY NOT REACH THE POINT D. KEEP IN MIND THE BREXIT TALK TODAY MAY AFFECT THE FLUCTUATION OF THIS PAIR!
According to the chart, we may see a Inverse Head & Shoulder Pattern and a long opportunity to 140.000 psychological level. However, keep in mind, Brexit talks tomorrow making the pair very fluctuative/volatile.
