Sasha Singh
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USD/CAD : Double Top Formation

US Dollar jumped today after the US non-farm payrolls data while disappointing data from Canada weakened Canadian Dollar. On the daily chart the pair is following a sideways pattern with resistance at 1.1194 and support at 1.0905. Within the sideway channel the pair seems like following a downward sloping channel. However the double-top pattern is found showing that the preceding upward trend is weakening and buyers are losing interest. The trend is considered to be reversed and the pair is expected to move lower. Now I would like to wait for the price to break below the key support level at 1.0905 before entering into the trade.