USD/CAD Closes Below Weekly Resistance Level

25 มิ.ย. 2015

UPDATE:

USD/CAD met previous expectations of a bullish run, smashing the expected target and closing above 1.23600 area. With that in mind, the weekly chart does show a bull pin bar and a bullish engulfing pattern, however waiting till next weeks market open will likely give a more clear direction.

BULL INDICATOR:

* Pin Bar false sell signal
* Day candle closes above 50% fib level (engulfing previous candle)

PENDING:

* Weekly candle creating an engulfing candlestick (need to wait for market close to confirm this)

BEAR INDICATOR:

*Current market open is below key weekly resistance level found @ 1.23842

CONCLUSION: Bearish Bias
The above info does not supply enough evidence to warrant an entry (long or short), however IF USD/CAD fails to
close above this key weekly resistance level, expect a retest of the daily 38% fib level (1.22500 area) and possibly lower.

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