Forex Marketz Daily Forex News – Fully Markets Update
USD/CAD (1.1283)
The Loonie has blown back above the technical level at 1.1220 after forming a clear bullish reversal sign called a bullish engulfing candlestick. Please refer to the above daily MT 4 chart. We need a confirmation of this with a successful close higher on a daily basis. If this happens, then we will challenge 1.1378.
With this said, be very mindful of how this Forex pair has a tendency to turn right around, out of nowhere and move in the other direction. Being cautions in long trades is a prudent measure right now. Let’s look at the below 4 hour chart to see what is happening intraday. We also see a rather bullish picture here in the USD/CAD. The market has shrugged off a shooting star, a bearish reversal sign near 1.1263. This is another indicator that 1.1370 is the next technical level buyers are targeting.
