USDCAD Bullish Engulfing Hourly Chart


Resistance: 0.9933 strong/0.9966 moderate/1.0009 minor

Support: 0.9891 moderate/0.9858 minor/0.9816 minor

Market bias for USDCAD is bearish with prices under a strong resistance at 0.9933. Hourly candlesticks however have a mid level reversal pattern, Bullish Engulfing. Look for a close above the Pivot Point, 0.9933, for a run to 0.9966 with stop losses just below the patterns low. Break of 0.9966 could lead to a market rally for 1.0009.


USDCAD Three Outside Up Hourly Chart


Resistance: 0.9933 strong/0.9966 moderate/1.0009 minor

Support: 0.9891 moderate/0.9858 minor/0.9816 minor

USDCAD has a bearish bias though Hourly charts has formed a bullish reversal pattern Three Outside Up. With a strong resistance at 0.9933, the Pivot Point, just ahead of the pattern the preferred course of action is to wait for a push past 0.9933 before buying. Immediate target is 0.9966 then on to 1.0009. Stops should be placed below the patterns low.

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