Free Trial

Bearish Doji Candle

USDCAD TECHS
  • RES 4: 1.3300 High Nov 4
  • RES 3: 1.3214 61.8% retracement of the Oct 29 - Nov 9 sell-off
  • RES 2: 1.3197 50-day EMA
  • RES 1: 1.3173 High Nov 13
  • PRICE: 1.3071 @ 16:24 GMT Nov 16
  • SUP 1: 1.3056 Low Nov 12
  • SUP 2: 1.2985 Low Nov 10
  • SUP 3: 1.2929/17 Low Nov 9 / Low Oct 16, 2018
  • SUP 4: 1.2857 Low Oct 4, 2018

USDCAD has recovered from recent lows however price action found resistance at Friday's high. Recent gains are considered a correction and this has been reinforced by Friday's candle formation, a doji. The pattern signals the potential end to the recent bounce and if correct, suggests the downtrend is likely to resume once again. An extension lower would refocus attention on 1.2929, Nov 9 low and the bear trigger. Resistance is at 1.3173.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.