Currency analyst

USD/CAD: the bulls will need a rest

On the USD/CAD daily chart the "bulls" managed to reach the 1,324  target. The trend is rising, but if the "bears" manage to lower the quotes below their September 19 minimums of the doji bar, the risk of correction will rise.

On the USD/CAD hourly chart the "bulls" failure to renew their maximum at the 1,3248 level, let us talk about the formation of the second shoulder of the "Head and shoulders" pattern. The breakout of the neckline at the 1,3145 level will be a signal for correction at the 1,305 level. Here we can see the 88,6% target of the "Shark" pattern. 

Recommendations: SELL 1,3145 SL 1,3205 TP 1,305. 

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