USD/CAD Technical Analysis

USD/CAD has formed a bearish chart pattern
Shoulder Head Shoulder formation on Daily TF
Breakout below the neckline is in progress
Target is Between W L3 and M L5 camarilla

DAILY CHART USD/CAD

Left Shoulder
The Head
Right Shoulder
The break below the neckline

We can see that the price is breaking below the neckline. Shoulder Head Shoulder bearish pattern is in a progress. Any retest of the trend line might be used by bears to reject the price lower again. After yesterday's FOMC the dollar is losing ground rapidly against commodities such as CAD and GOLD. Next targets are camarilla pivots WL3 and ML5 which is 1.2350-1.2270. Selling the rallies continues.