CAD: Guided by the technicals - BBH

The US dollar appeared to have traced out an head and shoulder top pattern and penetrated the neckline at CAD1.28, according to analysts at BBH. 

Key Quotes

“The pattern that was formed mostly in March projects to around CAD1.2475.  That target is beyond the 61.8% retracement of the US dollar's rally in February and the first half of March (CAD1.2585) and is near the lesser used 76.4% retracement (~CAD1.2455).  A move back above the neckline would undermine the validity of the pattern.”