USDCAD - SELL SIGNAL

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Dolar A.S. / Dolar Kanada (FX:USDCAD)

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FX:USDCAD Dolar A.S. / Dolar Kanada

trendanalysis chartpattern usdcad usdcadshort usdcadanalysis usdcadsignal usdcadtrade

Short-term price action is leaning negative for the USD after spot peaked a little below 1.3615, close to where the USD has topped out a number of times since late February.

Price action is bearish (an "evening star" candle pattern formed on the chart since late Friday) which should mean some corrective drift lower in in funds in the near term towards 1.3535/1.3555.

The low 1.3600 zone continues to look pretty solid resistance for the USD.

Guys, what do you think? Leave a comment with your thoughts.

Komen:

The USD/CAD pair is drifting lower but momentum is weak and losses may slow in the low/mid 1.3500s absent a stronger sense of (downward) direction developing in this market.

Broadly flat range trading in funds in the past few weeks leaves longer run momentum studies look weak and neutral.

Resistance is 1.3610/1.3630

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