Technical Analysis

USDCAD technical analysis: Short position taken | 30th March 2017

USDCAD technical analysis

USDCAD technical analysis |Short entry triggered  on USDCAD at 1.34044

  • First critical Resistance: 1.34136
  • Second critical Resistance one: 1.35281
  • First critical Support One: 1.32800
  • Second Critical Support: 1.32061
  • Overall Sentiment: Bearish ∇

The USDCAD pair tried rallied hard from the very beginning of this weak but ultimately this pair failed after hitting the critical resistance level at 1.35281 .Initially the pair formed a doji in the daily chart and after that the pair the bearish momentum of the pair was confirmed by strong bearish closing of Wednesday candle.

USDCAD technical analysis

Figure: USDCAD technical analysis (Live trade in place)

We have entered short in the USDCAD pair at 1.34044 with a tight stop loss since there was no price action confirmation signal at that time. However the USDCAD pair is now showing bearish evening start pattern in the daily chart which is strong bearish reversal signal in the market. Our potential stop loss is at 1.34200 and take profit level is set at 1.32126.

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