FX.co ★ Actual patterns. Technical analysis and trading recommendations

On the chart of USDCAD M5 the Double Top reversal pattern has been formed. Characteristics: the upper boundary 1.4087; the lower boundary 1.4077; the width of the pattern 10 points. The signal: a break of the lower boundary will cause continuation of the downward trend targeting the 1.4062 level.

The technical pattern called Head and Shoulders has appeared on the chart of USDCAD M15. There are weighty reasons to suggest that the price will surpass the Neckline 1.4052/1.4057 after the right shoulder has been formed. So, the trend is set to change with the price heading for 1.4035.

The Bearish Flag pattern has been formed on the chart USDCAD H1. Therefore, the downwards trend is likely to continue in the nearest term. As soon as the price breaks below the low at 1.3999, traders should enter the market.

The Bearish pennant pattern has formed on the USDCAD H1 chart. This pattern type is characterized by a slight slowdown after which the price will move in the direction of the original trend. In case the price fixes below the pattern’s low of 1.3999, a trader will be able to successfully enter the sell position.

The Double Bottom pattern has been formed on USDCAD H1. This formation signals a reversal of the trend from downwards to upwards. The signal is that a buy trade should be opened after the upper boundary of the pattern 1.4022 is broken. The further movements will rely on the width of the current pattern 18 points.