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    Daily Shooting Star in USDCAD


    USDCAD, 240 min

    USDCAD created a daily shooting in yesterday’s trading and is now trading at support at 1.2943. The pair is trading between 4h moving averages (30 and 50 SMA). The 15 min chart shows a series of lower high values in the high values over the last two hours. Only one of the recent candles at the time of writing has tried to challenge this pattern. This suggests that market is not trying turn higher from this support. Nearest resistance is at 1.2940 (next at 1.2930) while the nearest support is at 1.2940 (next at 1.2930).

    The 4h Stochastics are oversold indicating that the market could rally before breaking lower. However, this would need to be confirmed by the price action. With the daily shooting star candle created in yesterday’s trading I’m preparing for this market to break lower rather than rallying higher first. If price breaks below 1.2940, I looking for sell signals after rallies with targets as follows: 1.2905 (T1) and 1.2860 (T2). Should the market however rally higher first I would be looking for sell signals at 1.3017 – 1.3030 sell area. If this was the case my targets are higher as follows: 1.2975 (T1) and 1.2340 (T2).


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    Janne Muta

    Chief Market Analyst


    Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information presented here.

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