FX:USDCAD   U.S. Dollar / Canadian Dollar
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There's a bearish engulfing bar candlestick pattern formed on USD/CAD at the 1.1220 resistance level as well as the down sloping trend line . The 1.1220 resistance level is also the breakdown point of the triangle chart pattern. This bearish engulfing bar candlestick pattern could potentially lead the price lower in today's New York session, but the first obstacle will be the 200 period golden moving average. The Bollinger Band is expending as well, which shows the volatility is increasing and the readings on the Average True Range (ATR) indicator also show the volatility is increasing, but at a slower pace. The long term trend is flat as the 200 period moving average remains flat while the shorter term trend is down. The Stochastic indicator shows that the price is currently overbought and that could potentially lead the price lower in today's New York session. The current resistance level is at 1.1220 and support level is at 1.1085. The breakout of the triangle chart pattern and the bearish engulfing bar candlestick pattern could still potentially provide some selling opportunities in today's New York session and the 1.1085 support level could serve as a target for sellers to take profits.
If you add DXY side by side with USDCAD, it would be really appreciated.
Even thought the market turned up, I like how you analyzed this setup. What do you think now?
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