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USDCAD: Head and Shoulders Confirmed

USDCAD: Head and Shoulders Confirmed

2011-05-19 09:30:00
Ilya Spivak, Sr. Currency Strategist
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Strategy: Pending Long

USDCAD has carved out a clear-cut Head and Shoulders Bottom bullish reversal chart pattern, taking out the formation’s neckline at 0.9682 and pushing higher through the first layer of falling trend line resistance set from late December 2010. Prices stalled and pulled back from a longer trend line dating back a month prior to November, but an Inverted Hammer candlestick hints the bulls are ready to recapture the initiative. We will look for confirmation on a daily close above the latter barrier (now at 0.9790) to enter long. The Head and Shoulders setup implies a measured target at 0.9920.

USDCAD_Head_and_Shoulders_Confirmed_body_Picture_3.png, USDCAD: Head and Shoulders Confirmed

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