Nice head and shoulders pattern has formed on the 1HR timeframe. Waiting for price to break below structure for a nice bearish move.
Plan B : If price break above 1.29238 start looking to buy
Comments are welcomed
USDCAD is trending to the upside currently prior to the Non Farm Payrolls, which measure the number of new jobs added in non agricultural industries. Technically the pair is in a bullish structure, the RSI is bullish, and we have just broken the recent highs on the 1H chart.
You have to be careful about the strength of the US dollar index due to Tapering
The meeting of the Bank of Canada is also one of the important events ahead of this analysis
Rising oil prices due to new storms could benefit to our analysis
Although I have been in multiple USDCAD shorts the last week my strategy is telling me to go long now.
DXY is gaining some strength and CAD has become very weak.
The price has broke the bearish structure and I will try to enter the trade on a retest, if we get a pullback.
USDCAD is in downtrend. After a nice bounce from support and a nice sideway trading, we can see a good triangle pattern. I will be looking for a short position below support line at. 1,3027.
Short: 1,3072
Limit: 1,2950
Stop: 1,3060
Br, C
![USDCAD: [Intraday Trade] USDCAD to upside](https://s3.tradingview.com/s/SqVaq9JZ_mid.png "[Intraday Trade] USDCAD to upside")
