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DOLLAR-CANADA: TECHS: Near-Term Reversal?
*RES 4: 1.3383 High Sep and key resistance
*RES 3: 1.3348 High Oct 3
*RES 2: 1.3300 High Oct 11
*RES 1: 1.3271 High Nov 14
*PRICE: 1.3229 @ 18:21 GMT Nov 15
*SUP 1: 1.3208 High Oct 30 and former breakout level
*SUP 2: 1.3172 Low Nov 8
*SUP 3: 1.3115 Low Nov 5 and key near-term support
*SUP 4: 1.3075 Low Oct 30
USDCAD has been in an uptrend since October 29. Thursday's rejection though off
the day high and the close near session lows highlights a developing bearish
theme. In candle terms, Thursday's pattern is a shooting star, signalling a top
in the trend. Friday's move lower reinforces this pattern and suggests the S/T
risk for a move below 1.3200 has increased. This would open 1.3172 initially.
Clearance of 1.3271 is needed to resume the uptrend.