USD/CAD: Alexa, Play "Put your head on my shoulder"

Cute caption, but enough romance, time to get to business! As we can see USDCAD is forming a very nice H&S pattern. The price that is currently at 1.28 is expected to complete the neckline at 1.27 (support #1) with some further correction. This should set up us for a longer-term goal of 1.246. Obviously, these types of trades don’t happen overnight. However, once we zoom in it is important to keep this bigger image in mind and not get caught in crossfire!