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  4. USD/CAD Failed Bullish SHS Pattern for Bearish Rejection

USD/CAD Failed Bullish SHS Pattern for Bearish Rejection

February 16, 2017 10:28

The USD/CAD formed a bullish SHS pattern (inverted head and shoulders) but it failed to provide a continuation to the upside. The pair is in downtrend and we might see an upside retracement towards POC 1.3080-95 (EMA89, H3, ATR top,38.2,order block). Rejection in the zone should target 1.3050 and 1.3020. Should we see a break below 1.3020, the ATR target might be respected too (1.3009) with a possible extension (overshot) to 1.2992. The bearish scenario will be invalidated at the break of 1.3120 where we might see 1.3140 and 1.3170 in form of short position covering.

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