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Forex: USD/CAD Technical Analysis – Candles Point to Weakness

Forex: USD/CAD Technical Analysis – Candles Point to Weakness

Ilya Spivak, Head Strategist, APAC

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Talking Points

  • A bearish Evening Star candle pattern hints a turn lower is ahead
  • Breaking support at 1.0422 (23.6% Fib ret.) would expose 1.0376 (38.2% Fib)
  • Trend line support-turned-resistance is now at 1.0489

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

dailyclassics_usd-cad_body_Picture_12.png, Forex: USD/CAD Technical Analysis – Candles Point to Weakness

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

Contact and follow Ilya on Twitter: @IlyaSpivak

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