USD/CAD -8/11/2022-
• USD/CAD risks of suffering severe losses if the 1.35 support breaks
• Head and Shoulders bearish pattern in play, with neckline support at 1.35, where bears and bulls are fighting now
• A confirmed and successful break of the mentioned level exposes the pair for a projected target around 1.31 (range between neckline and head)
• Typically, a head and shoulders pattern's right shoulder is found to have lower peak than the left one, a condition fulfilled here
• Trading recommendations:
Sell at current level with stop loss above recent highs or 1.355-1.36 with TP at 1.31 --- Risk reward: 4:1
• Head and Shoulders bearish pattern in play, with neckline support at 1.35, where bears and bulls are fighting now
• A confirmed and successful break of the mentioned level exposes the pair for a projected target around 1.31 (range between neckline and head)
• Typically, a head and shoulders pattern's right shoulder is found to have lower peak than the left one, a condition fulfilled here
• Trading recommendations:
Sell at current level with stop loss above recent highs or 1.355-1.36 with TP at 1.31 --- Risk reward: 4:1
Ramzi Abou Abdallah, CFTe, CMT
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