USDCAD Bearish Engulfing 4-Hour Chart

Resistance: 1.0275 minor Support: 1.0241 minor / 1.0217 moderate / 1.0183 strong Overall trend in USDCAD is bullish though charts appear to be overextend. We have a mid level bearish reversal pattern in 4-Hour charts, Bearish Engulfing suggesting a possible technical correction for 1.0241 with stops for any short above the pattern high. The prudent course of action is to remain sidelined. For pattern explanation and visual identification rules, click here.

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USDCAD Bearish Engulfing 4-Hour Chart

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