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Bearish Engulfing Candle Still In Play

USDCAD TECHS
  • RES 4: 1.3449 61.8% retracement of the May 26 - Jun 27 downleg
  • RES 3: 1.3427 High Jun 7
  • RES 2: 1.3386 50-dma
  • RES 1: 1.3386/87 50.0% of the May 26 - Jun 27 downleg / High Jul 7
  • PRICE: 1.3257 @ 16:39 BST Jul 11
  • SUP 1: 1.3203 Low Jul 4 and a key short-term support
  • SUP 2: 1.3117 Low Jun 27 and the bear trigger
  • SUP 3: 1.3084 1.618 proj of the Apr 28 - May 8 - May 26 price swing
  • SUP 4: 1.3032 1.764 proj of the Apr 28 - May 8 - May 26 price swing

USDCAD reversed course Friday and remains weaker. The move lower highlights a potential bearish pattern - an engulfing candle on Jul 7. If correct, this signals the end of the recent bull cycle and suggests scope for a continuation lower near-term towards 1.3203 initially, the Jul 4 low. Key short-term resistance has been defined at 1.3387, the Jul 7 high. A break would cancel any developing bearish threat and resume recent gains.

Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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