USD/CAD Closes Below Weekly Resistance Level
UPDATE:
USD/CAD met previous expectations of a bullish run, smashing the expected target and closing above 1.23600 area. With that in mind, the weekly chart does show a bull pin bar and a bullish engulfing pattern, however waiting till next weeks market open will likely give a more clear direction.
BULL INDICATOR:
* Pin Bar false sell signal
* Day candle closes above 50% fib level (engulfing previous candle)
PENDING:
* Weekly candle creating an engulfing candlestick (need to wait for market close to confirm this)
BEAR INDICATOR:
*Current market open is below key weekly resistance level found @ 1.23842
CONCLUSION: Bearish Bias
The above info does not supply enough evidence to warrant an entry (long or short), however IF USD/CAD fails to
close above this key weekly resistance level, expect a retest of the daily 38% fib level (1.22500 area) and possibly lower.
Do you agree? Comment Below!
USD/CAD met previous expectations of a bullish run, smashing the expected target and closing above 1.23600 area. With that in mind, the weekly chart does show a bull pin bar and a bullish engulfing pattern, however waiting till next weeks market open will likely give a more clear direction.
BULL INDICATOR:
* Pin Bar false sell signal
* Day candle closes above 50% fib level (engulfing previous candle)
PENDING:
* Weekly candle creating an engulfing candlestick (need to wait for market close to confirm this)
BEAR INDICATOR:
*Current market open is below key weekly resistance level found @ 1.23842
CONCLUSION: Bearish Bias
The above info does not supply enough evidence to warrant an entry (long or short), however IF USD/CAD fails to
close above this key weekly resistance level, expect a retest of the daily 38% fib level (1.22500 area) and possibly lower.
Do you agree? Comment Below!