FxWirePro: USD/CAD forms Bullish engulfing pattern, good to buy on dips
Candlestick Pattern Formed- Bullish Engulfing Pattern Major Support – 1.3073 (200- day MA) Loonie has formed Bullish Engulfing pattern in weekly chart. The pair declined till 1.30800 previous week before Fed meeting and …
Loonie has formed Bullish Engulfing pattern in weekly chart. The pair declined till 1.30800 previous week before Fed meeting and jumped sharply after Fed increased the Federal funds rate projection to thrice from two.
The pair made a high of 1.34169 and declined slightly from that level. It is currently trading around 1.33342.
On the higher side, any break above 1.3420 will take the pair to next level till 1.3470/1.3530/1.35885 (Nov 2016 high).
The next immediate support stands at 1.3233 (50- day MA) and any break below will drag the pair down till 1.3150/1.3080.
It is good to buy on dips around 1.3300 with SL around 1.3230 for the TP of 1.3465/1.3530
