USDCAD 1-day classic patterns
Q: What has the highest probability of occurring?
Since December 2020 price has not been able to overcome 1.2900 resistance.
There is a combination of 2 classic patterns. 1 is currently forming at 1.2900 resistance.
The cup & handle , which has completely formed has hit its 1.2950 projected target.
The double top , having recently tested and rejected 1.2900, would need to breakout from 1.2425 to be validated.
This pattern projects 1.2050 as the target.
Objectively looking at 1.2900 resistance the two high volume bars appear to be putting the weight in favour of the formation of a double top following the ~3% throwback.
Comparatively, whether you look at WTICOUSD or BCOUSD, both are forming a double bottom. This plays into the inverse sentiment between USDCAD and oil.
Since the double top is not validated the current position is neutral with a bias in favour of the downtrend continuing.
Since December 2020 price has not been able to overcome 1.2900 resistance.
There is a combination of 2 classic patterns. 1 is currently forming at 1.2900 resistance.
The cup & handle , which has completely formed has hit its 1.2950 projected target.
The double top , having recently tested and rejected 1.2900, would need to breakout from 1.2425 to be validated.
This pattern projects 1.2050 as the target.
Objectively looking at 1.2900 resistance the two high volume bars appear to be putting the weight in favour of the formation of a double top following the ~3% throwback.
Comparatively, whether you look at WTICOUSD or BCOUSD, both are forming a double bottom. This plays into the inverse sentiment between USDCAD and oil.
Since the double top is not validated the current position is neutral with a bias in favour of the downtrend continuing.
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