USDCAD – Head and Shoulders likely to form

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Monthly: We had an impulsive rally from the 2011 low (0.9407) to the 2016 high (of 1.4690). The correction lower found buyers close to the 50% pullback level of 1.2049. Mixed trading for the last 35 months looks to have formed a corrective channel. Trend line resistance is located at 1.3833. Trend line support at 1.1692 Weekly:  Reacting lower from levels close to the 61.8% pullback of 1.3685 (...

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