USD CAD Confirms Top on Hourly Chart

USD CAD 60-Minute Chart confirms top at 1.2507.  Traders should watch for a retracement of the first leg down to trigger the next trading opportunity.

The USD CAD 60-Minute Chart confirmed the top at 1.2507 with a break through the swing bottom at 1.2338.  This type of pattern is usually followed by a retracement of the first leg down.  Based on the hourly range of 1.2507 to 1.2325, look to sell a retracement back to 1.2416 – 1.2438 for the start of a decline.

Traders will be looking for a rally and a failure in this zone to set up a secondary lower top formation.