As pointed a week ago, USD/CAD turned higher from near Leg D (78.6%) of Cypher on the daily chart.
The pair has completed 38.2% retracement of CD and could move to 61.8% as there is scope for further correction in WTI oil.
Meanwhile, on the right hand side, we see weekly chart which shows head and shoulder pattern with neckline support at 1.24-1.2350 levels. A bearish break below the same would open doors for a sell off to 1.15. This is a scary scenario for CAD bears/USD bulls.
The pair has completed 38.2% retracement of CD and could move to 61.8% as there is scope for further correction in WTI oil.
Meanwhile, on the right hand side, we see weekly chart which shows head and shoulder pattern with neckline support at 1.24-1.2350 levels. A bearish break below the same would open doors for a sell off to 1.15. This is a scary scenario for CAD bears/USD bulls.
