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Forex Strategy: USD/CAD Short Pending On Shooting Star Confirmation

Forex Strategy: USD/CAD Short Pending On Shooting Star Confirmation

2014-02-24 11:49:00
David de Ferranti, Currency Analyst
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Talking Points

  • USD/CAD Technical Strategy: Short pending on reversal validation
  • Shooting Star formation on the daily hinting at downside move
  • Target for short position offered by support at 1.0900

A Shooting Star candlestick formation on the daily is hinting at the recent bounce for USD/CAD has run its course. The pair failed to break above the key resistance level at 1.1200 which capped the rally back in January.

Confirmation from a pursuant down-day is required before the reversal signal is validated and a technical bearish bias is offered for the Loonie. A target for short positions may be offered by noteworthy support at 1.0900 which also marks the 50% Fib Retracement level from the January advance.

Confirm your chart-based trade setups with the Technical Analyzer.

Forex_Strategy_USDCAD_Short_Pending_On_Shooting_Star_Confirmation_body_Picture_1.png, Forex Strategy: USD/CAD Short Pending On Shooting Star Confirmation

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by David de Ferranti, Market Analyst, FXCM

Contact and follow David on Twitter: @Davidde

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