Commentary: USDCAD price action remain choppy. The head and shoulders continuation pattern is on the verge of confirmation as price has tested the neckline this morning. However, the structure of the decline is not clear, which makes going with this break dangerous.
The longer term wave structure also gives scope to a major reversal. This is why we favor playing a break above 1.0676. At the current juncture, the pair is testing the neckline and a break could see a quick test of the 1.0340 level. Strategy: Bullish on a break above 1.0676, against 1.0340, target TBD