winerstep
Short

USD CAD Bearish if breaches below 1.3389/86

FX:USDCAD   U.S. Dollar / Canadian Dollar
After forming a bullish engulfing candlestick pattern on the daily chart on Wednesday, the USDCAD             pair advanced             for the second successive session yesterday and finished at 1.3468, after moving as high as 1.3508. Currently, the daily RSI and stochastic indicators are showing loss of upward potential, suggesting at the presence of bearish momentum in the pair. Meanwhile, formation of a bearish harami candlestick pattern on the 2H chart coupled with the hourly RSI and stochastic pointing south, further endorses the above stance. Intraday support is situated at the 2H 20SMA (currently trading at 1.3442/40), followed by the 4H 20SMA (currently placed at 1.3412/10) and 1.3389/86 levels. A move back below the latter might lead to weak momentum in the pair. On the flipside, key resistance is placed at the 8H upper Bollinger band (currently trading at 1.3488/90), followed by the 4H upper Bollinger band (currently placed at 1.3524/25).
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