USDCAD seems to be tired from its climb, as a double top pattern formed on its 1-hour time frame. Price is still testing the neckline at the 1.3400 major psychological level before conrfirming this reversal signal.
The USDCAD pair initially fell during the course of the day on Friday, but turned around and form a hammer yet again.
USDCAD was previously trading inside an ascending channel pattern before breaking lower to signal a reversal. Price hit a low of 1.2762 before pulling up and indicating that a retracement to the broken support area could be in order.
The USDCAD pair went back and forth during the course of the day on Monday, essentially forming a neutral candle.
The USDCAD pair fell during the course of the session on Tuesday, as we are now well below the 1.28 handle.
USDCAD has been trending lower, moving inside a descending channel pattern on its 4-hour time frame. Price is now making its way close to the channel support near the 1.2700-1.2750 and might be due for a bounce.
The USDCAD pair initially rose during the course of the day on Friday, but turned right back around to form a bit of a shooting star. The shooting star completely contradicts the hammer that we formed during the Thursday session, and the fact that the 1.30 level is massively supportive, and also has an uptrend line near there, it makes sense that we will continue to see quite a bit
The USDCAD pair fell initially during the day on Friday, but it now appears that the uptrend line may catch this market and turning back around.
USDCAD has formed lower highs on its 1-hour chart and has been finding support at the 1.3650-1.3700 area, creating a descending triangle chart pattern. Price appears to have found resistance at the top of the formation once more and might be due for another test of support.
Today’s Key Economic Data
