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Bearish Doji Candle Highlights Bearish Theme

  • RES 4: 1.3300 High Nov 4
  • RES 3: 1.3214 61.8% retracement of the Oct 29 - Nov 9 sell-off
  • RES 2: 1.3193 50-day EMA
  • RES 1: 1.3173 High Nov 13
  • PRICE: 1.3103 @ 17:20 GMT Nov 17
  • 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 bounced modestly Tuesday. The pair stalled Friday at 1.3173 and this level has been defined as a key S/T resistance. Recent gains have likely been a correction. Friday's candle formation, a doji, highlights a bearish theme. The pattern signals the end of the recent corrective 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.

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