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Intraday commentary on patterns

USDCAD Bullish Engulfing Hourly Chart

Tue, Aug 21 2012, 12:01 GMT
by Mark De La Paz | FX Instructor

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Resistance: 0.9859 minor/0.9872 moderate/0.9886 strong

Support: 0.9845 minor

Overall trend in USDCAD is bearish though Hourly charts appear to be overextend. With a mid level reversal pattern, Bullish Engulfing we risk a technical correction though this is likely to be limited to 0.9859. The prudent course of action is to remain sidelined.

Learn more about the chart patterns and how to recognize them in our Learning Center: Japanese Candlesticks - A Way To Look At Prices

Published On Tue, Aug 21 2012, 12:03 GMT Previous entries

Mark De La Paz

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Mark's interest in financial markets has been an ongoing affair, starting from college, where he dabbled in the local equity markets with his college fund. Finishing his BA in Public Administration, Mark remained passionate about trading, and started out working in the niche brokerage business among bank traders.

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Intraday commentary on patterns

USDCAD Bullish Engulfing Hourly Chart

Daily Live Trading Room

Mark De La Paz

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Legal disclaimer and risk disclosure

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