USD/CAD near-term top in place?
USD/CAD appears to have completed a bearish Head and Shoulders (H&S) top. Negative RSI divergence bolsters the case for a downturn.
The broadly anti-USD response to October's #NFP report may have triggered a breakdown through the H&S pattern's neckline. The measured-move downside objective implied by the setup calls for a test of the 1.30 figure.
Clearing resistance at 1.3877 and reclaiming a foothold above the 1.40 figure would probably neutralize selling pressure.
The broadly anti-USD response to October's #NFP report may have triggered a breakdown through the H&S pattern's neckline. The measured-move downside objective implied by the setup calls for a test of the 1.30 figure.
Clearing resistance at 1.3877 and reclaiming a foothold above the 1.40 figure would probably neutralize selling pressure.
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