USD/CAD: 4-hour
Is USD/CAD’s rally over? The pair appears to be forming a double top, which is a classic reversal pattern, on its 4-hour forex chart. Price is still a few pips away from completing the second top and testing the neckline though, so you might want to sit tight for a while. Stochastic is almost in the oversold area anyway, which means that a quick bounce might take place before the pair heads any lower. A break below the pattern’s neckline around the 1.0850 minor psychological mark could mean the start of a downtrend, which might last by as much as 150 pips.
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