Just to follow up on the USD/CAD. I have been pushing for the bullish outlook the last week or so as the market appeared to be forming an inverted head and shoulder pattern:USD/CAD to tap its neckline USD/CAD Daily Chart 5/19(click to enlarge) When we look at the daily chart, we can see that the downtrend was shifting earlier in the month when price broke above a falling trendline. It stalled at 1.30 but held above the 1.2750 pivot, which meant it made a higher low. It also meant the second shoulder in the kilroy pattern.In any case, the neckline is broken now. The RSI has also pushed above 60 to reflect loss of the prevailing bearish momentum before May. USD/CAD now looks poised to test the 1.32 support/resistance pivot. The 1.34 level should be the maximum bullish outlook for now. It involves a key resistance pivot and is where the 100-day and 200-day simple moving averages both reside. If the RSI is also above 70 when price gets to 1.34, we should expect some selling.