USDCAD: The beginning of the fall?

USDCAD, H4

On the H4, USDCAD formed a head and shoulders pattern. The price fell to the neckline and is testing the MA50. At the same time, Momentum has already fallen below 100, confirming the possibility of a fall.

We consider selling USDCAD on consolidation below MA50 and 1.3680 with a target to 1.3570.

Trading foreign currencies on margin involves significant risks and may not be suitable for everyone, as high leverage can increase both potential gains and losses. Before entering the foreign exchange market, it is essential to evaluate your investment goals, personal experience, and risk tolerance.

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Author: Egor Schmidt

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