FX:USDCAD U.S. Dollar/Canadian Dollar
After forming a engulfing candlestick pattern on the 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 and indicators are showing loss of upward potential, suggesting at the presence of in the pair. Meanwhile, formation of a harami candlestick pattern on the 2H chart coupled with the hourly and 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 in the pair. On the flipside, key resistance is placed at the 8H upper (currently trading at 1.3488/90), followed by the 4H upper (currently placed at 1.3524/25).