USD.CAD Bottom?

[Steven Vincent]

The Dollar/Loonie may be in the process of carving out the right shoulder of a substantial reverse head and shoulders pattern that began forming in August. It may have recently made a secondary higher low after a major higher low back in October. RSI is making higher lows near 40 on the daily chart.

[Steven Vincent]

Looks like this may develop into something more like a double bottom rather than a reverse head and shoulders. There's still a potential bottoming formation here though.