Seem to have broken price range and at the start of wave 5 formation to break through consolidation stage
Wait to see confirmation of completed Retrace possibly as far as 38% FIB level and forming new HH & HL...
10EMA Crossed Up Over 20EMA signalling Bullish Trend.
Price Testing 200EMA ( Could Bounce off and follow downtrend)
Head & Shoulders
Dynamics of a Head & Shoulders pattern is sell position if neckline is broken
Trade can go both ways, wait for the confirmation but also remember that false breakout may occur so wait to see if retrace is confirmed
This is my trade analysis and not to be seen as a signal please do your own homework....:-)
USDCAD seem to form wave 5 final leg emerging from BULL Flag 60 minute chart, will look for false breakdown followed with sharp uptrend to first line of resistance at 1.23660. From here possible ABC corrective move and enter consolidation Chanel stage....