PabloSantander

USD/CAD Closes Below Weekly Resistance Level

FX:USDCAD   U.S. Dollar/Canadian Dollar
112 0 3
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!
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