USD/CAD is another pair that has the potential to make significant moves in the near term.
The week started badly for oil
SELL 52.20; TP 51.60; SL 52.40
WTI oil formed a “dark cloud cover” pattern on D1 near the downtrend resistance line. Yesterday’s candlestick was also bearish with a longer upper wick - a sign that sellers are in control of the market. Today the price opened with a bearish gap. It has topped above 53.00 and is once again testing levels below the 200-week MA at 52.60. Last week oil managed to close above this line, so we won’t have big downside targets, but a decline to 51.60 in the short-term looks quite possible.
Notice that to trade WTI, you need to choose WTI-19N in your MetaTrader.
Last week USD/CHF broke below the uptrend support line of 2018.
CHF/JPY met the resistance of the declining 50-day MA and turned down. Its potential target lies at the support line connecting the lows of May in the 108.25 area.
If we see a pullback from the lower 'Window', the pair is likely going to test the nearest Moving Averages...
Bearish Ichimoku Cloud with falling Senkou Span A and rising Senkou Span B; a dead cross of Tenkan-sen and Kijun-sen with falling lines.
The picture on W1 looks very much like the “Head and Shoulders” with the neckline at 3.68 or 3.56.