Bearish Engulfing on USD/CAD

Bearish Engulfing on USD/CAD

The USD/CAD currency pair has started declining after a prolonged rally. The current technical pattern signals further correction of the USD/CAD quotes. A classic pattern of Price Action, Bearish Engulfing, has been formed in the trading instrument (D1 timeframe), which indicates the bearish sentiment. A confirmation signal is the Flag figure on the 4-hour chart. At the moment, the USD/CAD currency pair is testing the round level of 1.32000. We recommend paying attention to this situation.

If the price fixes below 1.32000, you need to consider selling USD/CAD. In the medium term, Loonie could reach the key demand zone of 1.31000-1.30200. Confirmations and entry points to the market should be looked for on lower timeframes. When tracking positions, we recommend using a trailing stop.

by JustMarkets, 2019.01.28

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

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