USD/CAD Bearish Bias Creats Shorting Opportunity

20. Mai 2017

After the OPEC we all know that the Saudi and Russian policy makers pushed the Oil price higher. Also last week, the U.S. Crude inventory showed negative data. The major Oil supplier to the U.S. is Canada. In this case, higher demand of Canadian Dollar against the USD is expected. So, how this fundamental view can be expressed by technical? I've tried to find the answer. I've drawn a "hypothetical" Head & Shoulders pattern inside a rising channel (Which is also a bearish indication) in the daily chart which may complete within the next few weeks.
Trade safe and always enjoy trading.

My Twitter: @thunder_forex

5. Juli 2017

Trade geschlossen: Ziel wurde erreicht

+319 Pips