USDCAD: Breaking Down On A Reversal Formation.
USDCAD: Upside recovery triggered at the 1981 level, its April 16’09 low seen being reversed today following the formation of a shooting star candle pattern (top reversal signal) and a failed retest of that pattern high on Wednesday. Attention has now shifted to the downside with the 1.2192 level, its Mar 19’09 low being targeted ahead of the 1.1981/71 area where its April 16’09 low/daily 200 ema is situated. Further down, the 1.1771 level, its Jan 07’09 low comes in as the next downside objective. Resistance is initially seen at the 1.2506 level before the 1.2712 level, its April 01’09 high with a breach of there exposing the 1.3064 level. The daily studies are still positive suggesting further upside. On the whole, with the pair’s corrective recovery now in danger of being reversed, resumption of its weakness off the 1.3064 is now expected.
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