USD/CAD: Pulling-Back After Hitting Key Resistance Level

The USD/CAD pair has risen up to a key resistance level provided by the neckline of the recent head-and-shoulders pattern.

It has pulled back after touching the neckline and its possible it could move further down since this is a major resistance level from which price might well be expected to rebound.

Bearish confirmation would come from a break below the 1.2366 lows, with a target at the monthly pivot situated at 1.2298.

Alternatively a surprise rally and third attempt at the neck-line resistance level, and a successful break above the 1.2562 highs would confirm a probable move up to the R1 monthly pivot at 1.2675.

USD/CAD 4 Hourly Chart

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