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Bearish Engulfing Candle

USDCAD TECHS
  • RES 4: 1.2783 76.4% retracement of the Mar 8 - Apr 5 bear leg
  • RES 3: 1.2711 61.8% retracement of the Mar 8 - Apr 5 bear leg
  • RES 2: 1.2699 High Mar 17
  • RES 1: 1.2676 High Apr 13 and a bull trigger
  • PRICE: 1.2559 @ 08:09 BST Apr 14
  • SUP 1: 1.2533 Low Apr 7
  • SUP 2: 1.2479 Low Apr 6
  • SUP 3: 1.2429/2403 1.0% 10-dma envelope / Low Apr 5
  • SUP 4: 1.2387 Low Nov 10 2021

USDCAD traded higher initially Wednesday, reaching 1.2676, before reversing into the close. The pair is again trading lower this morning. The pullback does threaten the recent bull theme and a deeper retracement would open 1.2479, the Apr 6 low. Note that yesterday’s session appears to be a bearish engulfing candle. On the upside, clearance of 1.2676 would instead confirm a resumption of bullish activity.

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