USDCAD - Head and shoulder pattern

The inverse head and shoulder pattern has just been completed with the candle closing above the neck line.

My only reservation is the upper trend line drawn - I feel that this level needs to be broken as well for this move to be confirmed. Should the move play out, targeting 1.33385 should be ideal with stops below the last shoulder 1.28976

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Note

Price broke through the neck line at 1.307917 and did a perfect re test. I am now long on this pair:

Stop loss 1.29976
Take profit 1.33680

Both the above levels are provisional.

Note

Following the above update based on H4, price hasnt moved much, currently at 55 pips profit. High impact CAD news lands this afternoon at 4pm (SAST) that may greatly affect this open position. If price drives higher it will be pay day, if price falls we could expect to see more down side.

I will move my stop loss to break even to make this a risk free trade and trail my stop should the market move in my favor.

Note

Stopped out at break even after CAD news

Cmasterza

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Cmasterza

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