USDCAD bears show no sign of abating as the sell-off continues for the fourth week, with the price crossing aggressively through the 1.2400 area to hit an almost three-month low of 1.2349 on Friday. The sharp downfall follows the confirmation of a bearish head and shoulder pattern (H&S) below the neckline at 1.2588 - a sign that the previous upward pattern has completed its cycle. The recent crossover of the 20-day simple moving average (SMA) by the 50-day SMA also came to signify a negative trend reversal in the market, though the prolonged decline is now creating questions about when the pair will apply the ... (full story)