Forex Strategy: USD/CAD Struggles Below 1.1200 Resistance Level
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- 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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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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