Technically, below are my trade insights for the Loonie.
- Price approaching the 200 period SMA (resistance zone)
- Perfect Gartley pattern formed with current price retesting the 127.2 Fibonacci extension level of the BC trend.
- Hanging man (bearish candlestick reversal pattern) formed.
- Double Top chart pattern spotted (July resistance)
- ABCD pattern formed
- Price tested twice the Murray Math +1/8 Overshoot level on both daily and 4hr.
- Price retesting upper trendline (former lower channel support line turned resistance)
- Head and shoulder pattern developing with shooting star and inside bar candles formed at the second shoulder.
Possible target for this pair could be
- 1.31400 Proven support level and neckline
- 1.29900 61.8 Fibonacci retracement level of CD