Potential Head & Shoulders - USD/CAD
USD/CAD is currently in an interesting area!! Price is creating an Equal Low at the previous low making it a "Neckline" for what looks to be a possible Head & Shoulders Pattern!
Head & Shoulders are considered to be a REVERSAL chart pattern where price is unable to create a higher high then the "Head" and is rejected back down from the shoulder forcing price to break the "Neckline" to begin a bearish trend!
*H&S Prediction-
**If Price closes above 1.36400, pattern setup is INVALIDATED!
**If Price closes below 1.34891, price will initiate my Trade Action Plan!
BE AWARE! CAD has CPI news on the 19th along with USD news throughout the week!
Head & Shoulders are considered to be a REVERSAL chart pattern where price is unable to create a higher high then the "Head" and is rejected back down from the shoulder forcing price to break the "Neckline" to begin a bearish trend!
*H&S Prediction-
**If Price closes above 1.36400, pattern setup is INVALIDATED!
**If Price closes below 1.34891, price will initiate my Trade Action Plan!
BE AWARE! CAD has CPI news on the 19th along with USD news throughout the week!
