Head and shoulders in usd/cad on 1 hour chart
Unfortunately I did not have enough time to write a post on some technical analysis aspect today. I promise to do it tomorrow. However, I will still drop you a few ideas about trading today. I want you to look at usd/cad pair. I hope you can see what I see. If you are looking at 1 hour chart you should see a clear head and shoulders pattern. This does not mean that it is going to be fulfilled. It simply means that the pair looks very bearish now and might experience a short term breakout and a downtrend in the beginning of the week.
No serious data from Canada
I do not see any significant data coming from Canada this week. There is going to be some data of medium importance on Tuesday (Leading Indicators and Retail sales) at 12:30 GMT, but I am not sure if that can cause big moves. Of course, we have seen a lot of cases when seemingly unimportant data caused a lot of volatility in the markets, but let us not speculate for the time being but wait and see what happens next twenty four hours. Breakouts that are not led by some macroeconomic news releases are not very reliable and should be traded with care.
German data could cause some volatility on Monday
On Monday we have only data from Europe (German Producer Prices) that might interest market participants. You should know by now how to trade it. A post about breakout trading should give you some insights.
Read my previous post:
Disclaimer
Trading financial markets carries a high level of risk, and may not be suitable for all investors. All information on the blog is of educational nature and cannot be considered as advice, recommendation or signals to trade in any financial markets.
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