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