Resistance: 1.0001 strong / 1.0020 moderate / 1.0038 minor
Support: 0.9983 moderate / 0.9964 minor / 0.9946 minor
Bearish Engulfing is just under the pivot point in USDCAD Hourly charts, a moderate bearish pattern below a strong resistance. Given proximity to 1.0001, we can consider shorts under the said price with stops placed above the Pivot Point for a low risk-high reward trade. Immediate objective is 0.9983 then on to 0.9964 break of which gives us a run on the market.
For pattern explanation and visual identification rules, click here.
Learn more about the chart patterns and how to recognize them in our Learning Center: Japanese Candlesticks - A Way To aLook At Prices