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Forex Strategy: USD/CAD Struggles Below 1.1200 Resistance Level

Forex Strategy: USD/CAD Struggles Below 1.1200 Resistance Level

David de Ferranti, Currency Analyst

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Talking Points

  • USD/CAD Technical Strategy: Looking at shorts on break below support
  • Shooting Star candlestick formation suggests sellers sitting at 1.1200
  • More meaningful reversal signal needed before offering bearish bias

The 1.1200 level continues to act as critical resistance for USD/CAD with the pair having recently formed a Shooting Star candle formation on its most recent test of the figure. However, we’ve failed to see a reversal materialize for the pair which leaves a neutral technical bias. A break below nearby support at 1.10500 is likely to prompt buyers to emerge at the 50% Fib Retracement level at 1.0900.

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Forex_Strategy_USDCAD_Struggles_Below_1.1200_Resistance_Level___body_Picture_1.png, Forex Strategy: USD/CAD Struggles Below 1.1200 Resistance Level

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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