Continuing with the majors before moving onto the crosses, I am monitoring a bearish 5-0 on the USD/CAD. Even without the harmonic ratios, price has made a clear head and shoulders, broken the neckline and is now re-testing the neckline as resistance. As per usual with a bearish 5-0 pattern, I will be on the looking for any reversal candles (hanging men/bearish engulfing) before price reaches the 0.618 retracement level of the previous wave.
Next week, Tuesday 1st of May, we will see the release of Canadian GDP data. This announcement can be very volatile so the trade must be managed effectively- I will give further updates as this move progresses.