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USD/CAD nearing completion of inverted head and shoulders

I have been following the USD/CAD through its recent ascent, and noted that it was going to recapture 1.30. Yesterday, I mentioned a couple of entry points: an aggressive one at 1.2880 with stop at 1.2830, and another around 1.2750. 

USD/CAD - Cautious Buy on a Dip Strategies

USD/CAD 1H Chart 5/17

(click to enlarge)

By the end of the 5/16 session, USD/CAD retreated to 1.2880 and extended even lower before rallying in the European session. Oil prices did retreat around the same time of the rally in USD/CAD. 

USD/CAD rallies as oil price beats a retreat (Forexlive)

As we can see in the 1H chart, price managed to crack a rising trendline, but was still bullish as it pretty much held above 1.2850. It is choppy though, and came close to my stop. The strength of the current rally gives me confidence of 1.30 target. The ability to reach back to the upper bollinger band tells me bulls are back in control. The RSI is breaking above 60, which shows that no bearish momentum was developing. However, the RSI does not show strong bullish momentum at the moment - more like choppy momentum. 

Now 1.30 is a neckline, and if price rallies and breaks above 1.30, we can think about a bullish outlook outside of the very short-term. 

USD/CAD 4H Chart 5/17

(click to enlarge)

The 4H chart shows the inverted head and shoulders pattern that has been developing. We are near completion of the right shoulder and thus the entire pattern. A break above 1.30 should open up the 1.32 area.