03/09/2014 London Session Watch - USDCAD

FX:USDCAD   U.S. Dollar / Canadian Dollar
USD/CAD surged higher after it broke the 1.0880 resistance level which we mentioned yesterday. This surge was caused by the inside bar breakout which is just below the 1.0880 resistance level . The overall long term trend is still up as price continues to stays above the 200 period moving average and the 10 and 20 period moving averages have crossed above this 200 golden period moving average. Besides, the Tenken-sen has crossed above the Kijun-sen since yesterday which shows bulls are continue to take over this market thus we could potentially see the price continue its upside movement until the 1.0880 resistance level . There might be a bearish engulfing candlestick pattern forming in this market. If the last candlestick closed as it is right now or lower, we will then officially have a bearish engulfing candlestick pattern in this market. If that indeed happens, long positions that where opened yesterday should consider cashing in the profits to avoid the price falling further. The current support level is at 1.0880 and the resistance at 1.0983. Note that the oscillators are showing this market is overbought as well, which could put long positions in danger.
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