Possible Head & Shoulders in USD\CAD

After breakout of the Wedge at 4-hour chart a downward move is expected. As the wedge was a precise retracement to 38.2% of last uptrend, price is expected to reach the last low in several weeks to months.

The price action previous the breakout can be seen as a Head & Shoulders pattern. This is an highly reliable pattern that after breakout has 95% of reaching its projected target. The target is right on the 23.6% retracement of the last uptrend.

Entry will be after breakout of the neckline or after pullback to the neckline (for extra-conservative traders).