There' a "V-Top" pattern, so the pair is likely going to test the closest support at 1.3996 - 1.3979. Meanwhile, if a pullback...
USD/CAD: Shark pattern
On the daily chart, USD/CAD has caught up with the convergence area of 1.2690-1.2620. Here we find the target of the “Shark” pattern. If bulls manage to protect these levels, the possibility of consolidation in the 1.2590-1.2780 area will increase. On the other hand, the quick break will allow bears to go down, towards 1.245-1.2460.
On H1, large players formed two areas of shorts accumulation: 1.2720-1.2765 and 1.2865-1.3010. Without successful tests of these levels the development of the correction is not possible.
We've got a bearish "High Wave", which has strong confirmation. In this case, the price is likely going to decline.
Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…
The 144 Moving Average has acted as support, but there's a bearish "Engulfing' at the local high.