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Shooting Star Candle

USDCAD TECHS
  • RES 4: 1.3029 High Nov 25, 2020
  • RES 3: 1.2976 1.00 proj of the Jun 23 - Jul 19 - 30 price swing
  • RES 2: 1.2957 High Dec 21, 2020
  • RES 1: 1.2949 High Aug 20 and the bull trigger
  • PRICE: 1.2766 @ 06:46 BST Aug 23
  • SUP 1: 1.2649 Low Aug 19
  • SUP 2: 1.2597 20-day EMA
  • SUP 3: 1.2503 50-day EMA
  • SUP 4: 1.2422 Jul 30 low

USDCAD traded higher Friday and touched 1.2949 before finding resistance. The outlook remains bullish following last week's strong gains that resulted in a breach of the 1.2807 bull trigger, Jul 19 high. This confirmed a resumption of the uptrend and opens1.2976, a Fibonacci projection. Note though that Friday's price pattern is a bearish shooting star candle and is a concern for bulls. We will monitor this pattern as it is a reversal threat.

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