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Multiple Bullish Reversal Candles on USDCAD Into June Highs

Multiple Bullish Reversal Candles on USDCAD Into June Highs

Tyler Yell, CMT, Currency Strategist

Pair: USDCAD

Market Condition: Uptrend, Higher Highs & Higher Lows

Target 1: 1.2658 (M1 Pivot)

Target 2: 1.2823 (2015 High)

Invalidation: 1.2303 (Low of Bullish Engulfing Pattern)

SSI currently sits at -1.8738 ahead of a NFP Thursday. We use our SSI as a contrarian indicator to price action, and the fact that the majority of traders are short gives signal that the USDCAD may continue higher.

Yesterday’s bullish close above 1.2425 encourages the view towards targets near the 1.2565 June highs. This was a corrective high so a break above there would signal higher towards the 1.2835 year-to-date highs and potentially beyond.

Eyes should also be on USOIL. Currently, Oil appears to be in a triangle since the May 6th high. Recently, it failed at resistance near 61.27. Support nears 58. A break lower would favor a move down near 52 and like be bearish for CAD given the correlation.

Close-up view with multiple 2- & 3-bar candlesticks Bullish Reversals

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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