Thread: Great Head and Shoulders pattern in USD/CAD

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USD/CAD Weekly Outlook
USD/CAD's sharp fall extended continued last week and dropped to as low as 1.0793, inch above 1.0784 support. Initial bias will remain on the downside this week as long as 1.0923 minor resistance holds. As discussed before, decline from 1.1723 is now treated as resumption of the whole fall from 1.3063 and break of 1.0784 will target 61.8% retracement of 0.9056 to 1.3063 at 1.0587 next. On the upside, above 1.0923 will turn intraday outlook neutral and bring consolidation first. But recovery is expected to be limited by 1.2230 resistance and bring fall resumption.
[actionforex.com]

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USD/CAD once again fails below 1.1123 resistance and retreated. Break of 1.1004 minor support turns intraday outlook neutral again. On the downside, further break of 1.0870 minor support will flip intraday bias back to the downside for 1.0718 support. As noted before, break there will indicate that price actions from 1.0631 are merely consolidation in the larger decline, which is still in progress for another low below 1.0631 before completion. On the upside, break of 1.1123 resistance will confirm that whole rally from 1.0631 has resumed and affirm the case that USD/CAD has indeed bottomed out already. In such case, stronger rise should be seen to 1.1723 resistance next.[actionforex]

P&F USDCAD5 Box Size 10X3 or(0.27%) HI/LO
Data 1.1101 - 1.0791 ~ 0 Month ~ 7.27 Day
Database 1508 records 1.10269 (Last Close)
2009-08-28 00~50
2009-09-04 07~25 (GMT+01:00) Paris

BJF Trading Group

1.1110|~1O|||_____________________________________ _____________________________|-0.08%|2.96%
1.1100|~2O|||===================================== =====x=======================|0.01%|2.86%
1.1090|~3O|||______________x______________________ _____x_o_x___________________|0.1%|2.77%
1.1080|~4O|||______________x_o____________________ _____x_o_x_o_________________|0.19%|2.68%
1.1070|~5O|||______________x_o____________________ _____x_o_x_o_x___x___x_______|0.28%|2.59%
1.1060|~6O|||______________x_o____________________ _x___x_o_x_o_x_o_x_o_x_o_____|0.37%|2.49%
1.1050|~7O|||______________x_o_________________x__ _x_o_x_o___o_x_o_x_o_x_o_x___|0.46%|2.4%
1.1040|~8O|||______________x_o_________________x_o _x_o_x_____o_x_o_x_o___o_x_o_|0.55%|2.31%
1.1030|~9O|||______________x_o_________________x_o _x_o_x_____o___o_x_____o_x_o_|0.64%|2.21%
1.1020|~1OO||==============x=o=================x=o ===o=x=========o=x=====o===o=|0.73%|2.12%
1.1010|~11O||______________x_o_x_______________x__ ___o___________o_x___________|0.82%|2.03%
1.1000|~12O||______________x_o_x_o_____________x__ _______________o_x___________|0.91%|1.94%
1.0990|~13O||______________x_o_x_o_________x___x__ _______________o_x___________|1%|1.84%
1.0980|~14O||______________x_o___o_________x_o_x__ _______________o_x___________|1.09%|1.75%
1.0970|~15O||==============x=====o=x===x===x=o=x== ===============o=============|1.18%|1.66%
1.0960|~16O||______________x_____o_x_o_x_o_x_o_x__ _____________________________|1.27%|1.57%
1.0950|~17O||__________x___x_____o_x_o_x_o_x_o_x__ _____________________________|1.36%|1.47%
1.0940|~18O||__________x_o_x_____o___o_x_o___o_x__ _____________________________|1.45%|1.38%
1.0930|~19O||______x___x_o_x_________o_x_____o_x__ _____________________________|1.54%|1.29%
1.0920|~2OO||______x_o_x_o_x_________o_x_____o_x__ _____________________________|1.63%|1.2%
1.0910|~21O||______x_o_x_o___________o_x_____o____ _____________________________|1.72%|1.1%
1.0900|~22O||______x_o_______________o_x__________ _____________________________|1.81%|1.01%
1.0890|~23O||______x_________________o_x__________ _____________________________|1.9%|0.92%
1.0880|~24O||o=====x=================o============ =============================|1.99%|0.82%
1.0870|~25O||o_____x______________________________ _____________________________|2.08%|0.73%
1.0860|~26O||o_____x______________________________ _____________________________|2.17%|0.64%
1.0850|~27O||o_x___x______________________________ _____________________________|2.26%|0.55%
1.0840|~28O||o_x_o_x______________________________ _____________________________|2.35%|0.45%
1.0830|~29O||o_x_o_x______________________________ _____________________________|2.44%|0.36%
1.0820|~3OO||o_x_o_x______________________________ _____________________________|2.53%|0.27%
1.0810|~31O||o_x_o________________________________ _____________________________|2.62%|0.18%
1.0800|~32O||o==================================== =============================|2.71%|0.08%
1.0790|~33O||_____________________________________ _____________________________|2.8%|-0.01%
Column|~34O||9_5_4_123_5_4_18113_7_3_9_9_3_5_8_143 _4_5_9_5_4_6_4_10103_3_5_3_3_|
Count

PDF

The Dollar versus Loonie pair surged to the upside to breach the key resistance at 1.0765 and halt at the 61.8% correction to record a similar top to the one seen earlier on September 21, which may be the beginning of the formation of a bearish technical patter with a neckline at 1.0675. From here we expect the pair to decline on the intraday basis; targeting the neckline, where the overbought signals on the stochastic indicator are supporting our overview as far as 1.0990 is intact.

The trading range for today is among the key support at 1.0400 and the key resistance at 1.1040

The general trend is to the downside as far as 1.1870 remains intact with targets at 1.0300 [actionforex]

"P&F USDCAD5 Box Size 10X3 or(0.28%) HI/LO
Data 1.0991 - 1.0671 <Month ~ 7.25 Day
Database 1500 records 1.07958 (Last Close)
2009-09-25 16~55
2009-10-02 22~55 (GMT+01:00) Paris
BJF Trading Group"

1.1000|~1O|||_____________________________________ __|-0.08%|3.08%
1.0990|~2O|||___X_________________________________ __|0.01%|2.99%
1.0980|~3O|||___XoX_______________________________ __|0.1%|2.9%
1.0970|~4O|||___XoXo______________________________ __|0.19%|2.8%
1.0960|~5O|||___XoXo______________________________ __|0.28%|2.71%
1.0950|~6O|||___Xo_o________________________X_____ __|0.37%|2.61%
1.0940|~7O|||_X_X__o________________________Xo____ __|0.46%|2.52%
1.0930|~8O|||_XoX__o________________________XoX___ __|0.55%|2.43%
1.0920|~9O|||_XoX__o________X_____________X_XoXo__ __|0.65%|2.33%
1.0910|~1OO||_Xo___o______X_XoX___________XoXoXo__ __|0.74%|2.24%
1.0900|~11O||_X____o______XoXoXo__________XoXoXo__ __|0.83%|2.15%
1.0890|~12O||_X____oX_X_X_XoXoXo__________Xo_o_o__ __|0.92%|2.05%
1.0880|~13O||oX____oXoXoXoXoXo_o__________X____o__ __|1.01%|1.96%
1.0870|~14O||o_____oXoXoXoXo___o__________X____o__ __|1.1%|1.86%
1.0860|~15O||______oXoXoXo_____o__________X____o__ __|1.19%|1.77%
1.0850|~16O||______oXoXo_______o________X_X____o__ X_|1.28%|1.68%
1.0840|~17O||______o_oX________o________XoX____oX_ Xo|1.37%|1.58%
1.0830|~18O||________oX________o________XoX____oXo Xo|1.46%|1.49%
1.0820|~19O||________oX________o________Xo_____oXo Xo|1.56%|1.4%
1.0810|~2OO||________oX________o________X______o_o Xo|1.65%|1.3%
1.0800|~21O||________o_________o________X________o Xo|1.74%|1.21%
1.0790|~22O||__________________oX_______X________o __|1.83%|1.12%
1.0780|~23O||__________________oXo______X_________ __|1.92%|1.02%
1.0770|~24O||__________________oXo______X_________ __|2.01%|0.93%
1.0760|~25O||__________________oXo______X_________ __|2.1%|0.83%
1.0750|~26O||__________________oXo______X_________ __|2.19%|0.74%
1.0740|~27O||__________________oXoX_X_X_X_________ __|2.28%|0.65%
1.0730|~28O||__________________oXoXoXoXoX_________ __|2.37%|0.55%
1.0720|~29O||__________________o_oXoXoXoX_________ __|2.47%|0.46%
1.0710|~3OO||____________________oXo_oXo__________ __|2.56%|0.37%
1.0700|~31O||____________________oX__oX___________ __|2.65%|0.27%
1.0690|~32O||____________________oX__o____________ __|2.74%|0.18%
1.0680|~33O||____________________o________________ __|2.83%|0.08%
1.0670|~34O||_____________________________________ __|2.92%|-0.01%
Column|~35O||2738431599443545431716335531313664135 65|
Count|~36O|||______4___________9_1______4_O____2__ ___




PDF

USD/CAD's rise from 1.0205 extended further to as high as 1.0846 last week and closed strongly. Initial bias will remains on the upside this week and further rise should be seen to 1.1123 resistance next. On the downside, below 1.0652 support will indicate that a short term top might be in place and bring pull back. But downside is expected to be contained well above 1.0205 low and bring rally resumption.[actionforex]



Excel_091101_usdcad_60min.zip

USD/CAD Daily Outlook
Intraday bias in USD/CAD remains on the downside with 1.0532 minor resistance intact. Correction from 1.0851 is still in progress for 100% projection of 1.0851 to 1.0416 from 1.0748 at 1.0313. But downside should be contained above 1.0205 low to conclude the correction. On the upside, above 1.0532 will turn intraday bias neutral first and turn focus back to 1.0748 resistance instead.[actionforex]

"P&F USDCAD1440 Box Size 225X3 or(5.38%) HI/LO
Data 1.6054 - 0.9056 ~ 91 Month ~ 2772 Day
Database 1974 records 1.05026 (Last Close)
2002-05-01 00~00
2009-12-02 00~00 (GMT+01:00) Paris
BJF Trading Group chart"

1.6200|~225||_____________________________________ ___|-0.91%|78.89%
1.5975|~45O||x____________________________________ ___|0.49%|76.4%
1.5750|~675||x_o__________________________________ ___|1.89%|73.92%
1.5525|~9OO||x_o__________________________________ ___|3.3%|71.43%
1.5300|~1125|x_o__________________________________ ___|4.7%|68.95%
1.5075|~135O|__o__________________________________ ___|6.1%|66.46%
1.4850|~1575|__o__________________________________ ___|7.5%|63.98%
1.4625|~18OO|__o__________________________________ ___|8.9%|61.5%
1.4400|~2O25|__o__________________________________ ___|10.3%|59.01%
1.4175|~225O|__o_x________________________________ ___|11.7%|56.53%
1.3950|~2475|__o_x_o_x____________________________ ___|13.11%|54.04%
1.3725|~27OO|__o_x_o_x_o__________________________ ___|14.51%|51.56%
1.3500|~2925|__o___o_x_o__________________________ ___|15.91%|49.07%
1.3275|~315O|______o_x_o__________________________ ___|17.31%|46.59%
1.3050|~3375|______o_x_o_____________________x____ ___|18.71%|44.1%
1.2825|~36OO|______o___o_________x___x___x___x_o__ ___|20.11%|41.62%
1.2600|~3825|__________o_x_______x_o_x_o_x_o_x_o__ ___|21.51%|39.13%
1.2375|~4O5O|__________o_x_o_____x_o_x_o_x_o_x_o__ ___|22.92%|36.65%
1.2150|~4275|__________o_x_o_____x_o_x_o___o_x_o__ ___|24.32%|34.17%
1.1925|~45OO|__________o___o_____x_o_x_____o___o__ ___|25.72%|31.68%
1.1700|~4725|______________o_x___x_o_x_________o_x ___|27.12%|29.2%
1.1475|~495O|______________o_x_o_x_o___________o_x _o_|28.52%|26.71%
1.1250|~5175|______________o_x_o_x_____________o_x _o_|29.92%|24.23%
1.1025|~54OO|______________o___o_x_____________o_x _o_|31.33%|21.74%
1.0800|~5625|__________________o_x_____________o__ _o_|32.73%|19.26%
1.0575|~585O|__________________o_x________________ _o_|34.13%|16.77%
1.0350|~6O75|__________________o_x________________ _o_|35.53%|14.29%
1.0125|~63OO|__________________o_x________________ ___|36.93%|11.8%
0.9900|~6525|__________________o_x________________ ___|38.33%|9.32%
0.9675|~675O|__________________o_x________________ ___|39.73%|6.84%
0.9450|~6975|__________________o_x________________ ___|41.14%|4.35%
0.9225|~72OO|__________________o__________________ ___|42.54%|1.87%
0.9000|~7425|_____________________________________ ___|43.94%|-0.62%
Column|~765O|4_113_6_5_9_3_7_3_11166_6_3_3_4_5_104 _6_|
Count




BJF-Trading-Group-USDCAD_H4and30min.xls

The main support 1.0410 stood strong against continuous attempts from the pair to bearishly reverse, where it rebounded and completed forming the bullish technical pattern that comes inline with the bullish pattern, shown yesterday, where the pair achieved more bullish movement. We expect an overall bullish direction over an intraday direction, which will start with the breach of the mentioned neckline to head towards main targets that start 1.0565 then 1.0650. It is vital that 1.0410 areas remain intact, which are vital factors in achieving the awaited bullish direction.
The trading range for today is among the key support at 1.0350 and the key resistance at 1.0650.
The general trend is to the downside as far as 1.1870 remains intact with targets at 1.0000.
[Written by ecPulse.com]

"P&F USDCAD1440 Box Size 225X3 or(5.38%) HI/LO
Data 1.6054 - 0.9058 ~ 94 Month ~ 2856 Day
Database 2038 records 1.0391 (Last Close)
2002-04-26 00~00
2010-02-19 00~00 (GMT+01:00) Paris
BJF Trading Group chart"

1.6200|~225||_____________________________________ ___|-0.91%|78.85%
1.5975|~45O||x____________________________________ ___|0.49%|76.36%
1.5750|~675||x_o__________________________________ ___|1.89%|73.88%
1.5525|~9OO||x_o__________________________________ ___|3.3%|71.4%
1.5300|~1125|x_o__________________________________ ___|4.7%|68.91%
1.5075|~135O|__o__________________________________ ___|6.1%|66.43%
1.4850|~1575|__o__________________________________ ___|7.5%|63.94%
1.4625|~18OO|__o__________________________________ ___|8.9%|61.46%
1.4400|~2O25|__o__________________________________ ___|10.3%|58.98%
1.4175|~225O|__o_x________________________________ ___|11.7%|56.49%
1.3950|~2475|__o_x_o_x____________________________ ___|13.11%|54.01%
1.3725|~27OO|__o_x_o_x_o__________________________ ___|14.51%|51.52%
1.3500|~2925|__o___o_x_o__________________________ ___|15.91%|49.04%
1.3275|~315O|______o_x_o__________________________ ___|17.31%|46.56%
1.3050|~3375|______o_x_o_____________________x____ ___|18.71%|44.07%
1.2825|~36OO|______o___o_________x___x___x___x_o__ ___|20.11%|41.59%
1.2600|~3825|__________o_x_______x_o_x_o_x_o_x_o__ ___|21.51%|39.1%
1.2375|~4O5O|__________o_x_o_____x_o_x_o_x_o_x_o__ ___|22.92%|36.62%
1.2150|~4275|__________o_x_o_____x_o_x_o___o_x_o__ ___|24.32%|34.14%
1.1925|~45OO|__________o___o_____x_o_x_____o___o__ ___|25.72%|31.65%
1.1700|~4725|______________o_x___x_o_x_________o_x ___|27.12%|29.17%
1.1475|~495O|______________o_x_o_x_o___________o_x _o_|28.52%|26.68%
1.1250|~5175|______________o_x_o_x_____________o_x _o_|29.92%|24.2%
1.1025|~54OO|______________o___o_x_____________o_x _o_|31.33%|21.72%
1.0800|~5625|__________________o_x_____________o__ _o_|32.73%|19.23%
1.0575|~585O|__________________o_x________________ _o_|34.13%|16.75%
1.0350|~6O75|__________________o_x________________ _o_|35.53%|14.26%
1.0125|~63OO|__________________o_x________________ ___|36.93%|11.78%
0.9900|~6525|__________________o_x________________ ___|38.33%|9.3%
0.9675|~675O|__________________o_x________________ ___|39.73%|6.81%
0.9450|~6975|__________________o_x________________ ___|41.14%|4.33%
0.9225|~72OO|__________________o__________________ ___|42.54%|1.84%
0.9000|~7425|_____________________________________ ___|43.94%|-0.64%
Column|~765O|4_1136_5_9_3_7_3_1116_6_6_3_3_4_5_104 _6_|
Count



BJF-Trading-Group_Excel_Chart

The underlying MT direction is bearish while the daily bias is bearish. Therefore the main risk is lower. Ensure that key resistances levels hold. Note key support levels that would suggest continuation of the bearish move. Consider confirming this with a bearish set up pattern in price or important that you consider either bullish or bearish set up patterns in indicators or lower time frame charts to support S&R breaks.

"P&F USDCAD15 Box Size 10X4 or(0.39%) HI/LO
Data 1.0302 - 0.9977 ~ 1 Month ~ 29.05 Day
Database 2000 records 0.99813 (Last Close)
2010-03-16 08~45
2010-04-14 10~00 (GMT+01:00) Paris
BJF Trading Group chart"

1.0300|~1O|||___________X___________________|0.02% |3.24%
1.0290|~2O|||___________Xo__________________|0.12% |3.14%
1.0280|~3O|||_________X_Xo__________________|0.21% |3.04%
1.0270|~4O|||_________XoXo__________________|0.31% |2.94%
1.0260|~5O|||_________XoXo__________________|0.41% |2.84%
1.0250|~6O|||_________XoXo__________________|0.5%| 2.74%
1.0240|~7O|||_____X___XoXo__________________|0.6%| 2.64%
1.0230|~8O|||_____Xo__XoXo__________________|0.7%| 2.54%
1.0220|~9O|||_____XoX_XoXoX_________________|0.8%| 2.44%
1.0210|~1OO||_____XoXoXoXoXoX_______________|0.89% |2.34%
1.0200|~11O||_____XoXoXoXoXoXo______________|0.99% |2.24%
1.0190|~12O||_____XoXoXoXoXoXoX_____________|1.09% |2.13%
1.0180|~13O||o__X_XoXoXoXo_oXoXo____________|1.18% |2.03%
1.0170|~14O||o__XoXo_oXo___oXoXo____________|1.28% |1.93%
1.0160|~15O||o__XoX__o_____o_oXo____________|1.38% |1.83%
1.0150|~16O||o__XoX__________oX4____________|1.48% |1.73%
1.0140|~17O||o__XoX__________oXo____________|1.57% |1.63%
1.0130|~18O||oX_XoX__________o_o____________|1.67% |1.53%
1.0120|~19O||oXoXoX____________oX___________|1.77% |1.43%
1.0110|~2OO||oXoXoX____________oXo__________|1.86% |1.33%
1.0100|~21O||oXoXoX____________oXoX_________|1.96% |1.23%
1.0090|~22O||oXo_oX____________oXoXo________|2.06% |1.13%
1.0080|~23O||oX__oX____________oXoXoX___X___|2.15% |1.03%
1.0070|~24O||o___o_____________o_oXoXoX_Xo__|2.25% |0.93%
1.0060|~25O||____________________oXoXoXoXoX_|2.35% |0.83%
1.0050|~26O||____________________oXoXoXoXoXo|2.45% |0.73%
1.0040|~27O||____________________oXoXoXoXoXo|2.54% |0.63%
1.0030|~28O||____________________oXoXo_oXoXo|2.64% |0.53%
1.0020|~29O||____________________oXoX__o_oXo|2.74% |0.43%
1.0010|~3OO||____________________oXoX____o_o|2.83% |0.33%
1.0000|~31O||____________________oXo_______o|2.93% |0.23%
0.9990|~32O||____________________oX________o|3.03% |0.13%
0.9980|~33O||____________________o__________|3.13% |0.03%
0.9970|~34O||_______________________________|3.22% |-0.07%
Column|||||||1649117561111465861511185456757|
Count||||||||2___17___2132_____2_42O________|



BJF-Trading-Group_Excel_Chart