As seen on the chart below, a probable 'W' like pattern has been spotted. Based on historical movements of this pair, the W like pattern below most often signals market 'Bearishness'

Good day Traders, this is Kenny Simon giving a market outlook for this week on the USD/CAD 1Hr chart based on Harmonic Patterns.

As seen on the chart below, a probable ‘W’ like pattern has been spotted. Based on historical movements of this pair, the W like pattern below most often signals market ‘Bearishness’ upon completion of this pattern.


USDCAD 

At the moment, the C point is progressing upwards towards the D point. Previously, prices has often aimed at the PRZ (Potential Reversal Zone) marked by the rectangular box seen in the chart. The reversal zone usually signals a probability as seen in the past, where prices would reach the blue zone and make a reversal.

At the time of writing, current price is at the 1.2236 level. The expected price zone marked to be the reversal zone is thought to be at between the 1.2326 to 1.2362 levels in reference to historical significant support and resistance.

Happy Pipping !
Thank you.