Watch Out: BoC Meeting Could Trigger Massive H&S Pattern
A promising setup is forming in CAD/CHF on the 4-hour/daily chart. The pair is forming a H&S pattern, but the price has faced some buying pressure at the neckline this morning.
A break below 0.7420 would signal a selling opportunity, with a profit target of around 200 pips (or at least at the August lows around 0.7270).
The Bank of Canada meets tomorrow for the rate decision. This will likely be a catalyst for the pair - holding rates steady would push the price up (neckline acting as support), while an unexpected rate cut would trigger a selloff in CAD.
A break below 0.7420 would signal a selling opportunity, with a profit target of around 200 pips (or at least at the August lows around 0.7270).
The Bank of Canada meets tomorrow for the rate decision. This will likely be a catalyst for the pair - holding rates steady would push the price up (neckline acting as support), while an unexpected rate cut would trigger a selloff in CAD.
