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USDCAD: Candle Setup Warns of Weakness

USDCAD: Candle Setup Warns of Weakness

Ilya Spivak, Head Strategist, APAC

Strategy: Flat

Prices put in a Bearish Engulfing candlestick pattern below resistance at 0.9861, the 38.2% Fibonacci retracement level, hinting a move lower is ahead. Initial support lines up at 0.9774, the 23.6% level, with a break below that exposing the September 14 low at 0.9632. Alternatively, a reversal through resistance targets the 50% Fib at 0.9932, a barrier reinforced by a falling trend line set from the June 4 high. Risk/reward considerations argue against entering a trade at current levels with prices so close to support and we will stand aside for now.

USDCAD_Candle_Setup_Warns_of_Weakness_body_Picture_5.png, USDCAD: Candle Setup Warns of Weakness

Daily Chart - Created Using FXCM Marketscope 2.0

Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

To be added to Ilya's e-mail distribution list, send a note with subject line "Distribution List" to ispivak@dailyfx.com

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

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