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