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Doji Candle Pattern

USDCAD TECHS
  • RES 4: 1.3192 1.00 proj of the Apr 5 - May 12 - Jun 8 price swing
  • RES 3: 1.3113 High Nov 23 2020
  • RES 2: 1.3079 High May 17 and a bull trigger
  • RES 1: 1.2917/3017 High Jun 27/23
  • PRICE: 1.2864 @ 16:56 BST Jun 29
  • SUP 1: 1.2819/2801 Low Jun 28 / 50-day EMA
  • SUP 2: 1.2732 61.8% retracement of the Jun 8 - 17 rally
  • SUP 3: 1.2681 Low Jun 10
  • SUP 4: 1.2518 Low Jun 8 and key support

The USDCAD outlook is bullish, with the corrective cycle stalling on Tuesday as the pair finished the day closer to Tuesday’s high. In candle terms, yesterday is a doji pattern and this points to a possible short-term bullish reversal and the end of the recent corrective pullback. A resumption of strength would refocus attention on resistance at 1.3079 the Jun 17 and a bull trigger. Firm support lies at 1.2801, the 50-day EMA.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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