USD/CAD Technical Analysis: Today's close pivotal

Omkar Godbole FXStreet Contributor

USD/CAD created a big doji candle - a sign of indecision in the market place - neutralizing the immediate bearish move.

Notably, the doji candle has appeared near 1.3290, a level where sellers ran out of steam in the previous two trading sessions.

A close below 1.3287, therefore, would confirm bearish doji continuation, i.e. resumption of the sell-off from the March 7 high of 1.3467.

A bullish reversal would be confirmed if the spot sees a close above 1.3371 (Doji candle's high) today.

Daily chart

Trend: Neutral

1. R3 1.346
2. R2 1.3417
3. R1 1.3376
PP 1.3333
1. S1 1.3292
2. S2 1.3249
3. S3 1.3208

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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