USD/CAD Consolidating In Downtrend

Not much change here: The USD/CAD pair is in a short-term down-trend after breaking below the neckline of a head-and-shoulders pattern. It has now formed a consolidation, and although its going sideways currently, it will probably eventually break lower extending the dominant short-term down-trend. A break below the 1.1939 – plus a 20 point margin for confirmation – so below 1.1919 could signal such a move. An initial target for the move can be calculated using the height of the consolidation extrapolated down 100%, which gives a target of 1.1772.

USD/CAD Daily Chart

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