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USD/CAD teeters on bearish reversal brink ahead of US election
A steep unwind in USD/CAD should have traders on alert for a potential bearish engulfing candle on the daily chart, especially given the recent trend for reversal patterns to stick following a substantial bullish move, as we’ve seen since late September. Bearish reversal patterns generated by USD/CAD have enjoyed a decent track record recently, especially when following a pronounced bullish trend. I’ve labelled them chart below, accompanied by the subsequent decline once the initial pattern was delivered. While past performance is not indicative of future performance, often the largest moves occurred after strong ... (full story)
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- Posted: Nov 3, 2024 10:50pm
- Submitted by:Category: Technical AnalysisComments: 0 / Views: 5,316
