USD/CAD inverted head and shoulders bullish

Nenad Kerkez Top-XE

USD/CAD technical analysis

Bullish SHS formation.
Bullish trend continues above 1.2935.
1.2970 zone is target.
Buying the dips.

MEGATREND MAs: Bullish

H1 USD/CAD

1. Left shoulder.

2. Head.

3. Right shoulder.

4. W H4 target.

The USD/CAD is in uptrend. Megatrend moving averages are bullish and we can also spot hourly bullish candles and bullish inverted head and shoulder pattern. Yesterday, the GDP came exactly as expected and the USD/CAD initially dropped. However as the price is in uptrend, I saw this as an opportunity to buy into the dip and continue moving forward with technical trading. Next target zone is 1.2935 and 1.2970 should be next as intraday/intraweek target.

This analysis is a part of the Megatrend trading course. I have 1 long position that I will maintain. The intraday target is 1.2953 while the intraweek target is 1.2969. There is no swing target yet but it might happen if the price breaks 1.2969.

Author

Nenad Kerkez

Top-XE

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