News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
More View more
Forex Strategy: USD/CAD Short Pending On Shooting Star Confirmation

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

David de Ferranti, Currency Analyst

To receive David’sanalysis directly via email, please SIGN UP HERE

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


For live market updates, visit the Real Time News Feed

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