USDCAD has failed to stay above the previous high from March 20th 2014. Long upper shadows, bearish engulfing pattern and a Doji is confirming that the bears have taken over.
The second resistance, from January 30th 2014, is now also an area where we can see the price can't stay above. The initial move back up on Oct. 22nd was weak and a Doji is following this up with todays candle forming to close beneath the resistance line.
Targets for me are the 1.116 line (50 pips from here) and the 1.110 line (100 pips).
First target in 2-3 days, second target can be a weekly hold for next week.
The second resistance, from January 30th 2014, is now also an area where we can see the price can't stay above. The initial move back up on Oct. 22nd was weak and a Doji is following this up with todays candle forming to close beneath the resistance line.
Targets for me are the 1.116 line (50 pips from here) and the 1.110 line (100 pips).
First target in 2-3 days, second target can be a weekly hold for next week.