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USDCAD, Candlestick Analysis

9/5/2022 12:40 PM


On the 4-hour chart in the ascending trend channel below the level of 1.3207 there is a formation of a Hanging Man candlestick analysis pattern, signaling an impending price reversal, as well as two Shooting Star patterns, indicating weakening buyer activity. At the moment, above the level of 1.3089, a Three Black Crows figure has appeared, which similarly emphasizes the "bearish" sentiment for the instrument. The most likely is the decline of the asset to the zone of 1.2732–1.2454 after overcoming the lower boundary of the uptrend and the support level 1.3029. An alternative scenario is possible if the price consolidates above the resistance level of 1.3267 with the targets of 1.3425–1.3716.


On the daily chart at the level of 1.3207 there is a Shooting Star pattern, which is a reversal pattern at the top, as well as the formation of a Hanging Man confirming pattern, which appears in the area of high prices and signals that the asset has reached a local top. In this case, a downward scenario from the support level of 1.3029 seems more likely, and consolidation of the price below it will allow the "bears" to head to the zone of 1.2732–1.2454.

Support levels: 1.3029, 1.2732, 1.2454. | Resistance levels: 1.3267, 1.3425, 1.3716.

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