The hanging man pattern from two weeks ago on the USD/CAD chart, continues to indicate a potential topping structure heading into the next weeks or months.
The ROC oscillator is showing a bullish bias as it drifts towards the upper limit above 3. Even though the bears have the edge right now based on the pattern interpretation, chartists should always be prepared for an eventual bullish trend continuation when it comes to a hanging man as it’s long lower shadow is certainly viewed as a positive note.
(Market News Provided by FXstreet)