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USDCAD: Bearish Candle Setup Still in Play

USDCAD: Bearish Candle Setup Still in Play

Ilya Spivak, Head Strategist, APAC

Strategy: Flat

Prices put in a Bearish Engulfing candlestick pattern below resistance at a falling trend line set from the June 4 high, hinting a move lower is ahead. Initial support lines up at 0.9743, the 23.6% Fibonacci expansion, with a break below that targeting the 38.2% level at 0.9654. Trend line resistance is now at 0.9839. Trend line resistance is now at 0.9870. 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_Bearish_Candle_Setup_Still_in_Play_body_Picture_5.png, USDCAD: Bearish Candle Setup Still in Play

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

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