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USDCAD Inverted Head and Shoulders confluence

Discussion in 'Technical Analysis' started by FXStreet_Team, Nov 11, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    The USDCAD is currently in retracement mode on higher time frames. Housing prices in Canada dropped from a 3y high reading (231.3 to 198.1) and we could also read OECD forecasts that Canada's Eco growth will slow down this year. The correlation on H4 timeframe is highly negative with GBPUSD and strong negative with EURUSD so if those pairs are heading down, USDCAD will surge up. Currently USDCAD is very close to POC which comes in 1.3215-35 zone and is already started to reject it. POC is

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