Candlestick pattern Shooting star
USDCAD has halted its long winning streak and declined nearly 50 pips from high of 1.35214. The jump was mainly due to weak Canadian economic data and dovish BOC policy. Canadian dollar was trading weak amid strong crude oil prices.It hits intraday low of 1.34683 and is currently trading around 1.34811. Markets eye US advance GDP data to be released today for further direction.
On the lower side, near term support is around 1.34650 (resistance turned into support) and any break below will drag the pair to next level till 1.3435/1.3400. Any violation below 1.3365 (20- day MA) confirms further weakness.
The near term resistance is at 1.35250 and any convincing break above will take the pair till 1.3580/1.3660.
It is good to sell on rallies around 1.3510 with SL around 1.3560 for the TP of 1.3400.
