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USDCAD, Candlestick Analysis

3/14/2023 10:41 AM


On the four-hour chart, at the resistance level of 1.3832, there is the formation of an Evening Star candlestick analysis model, which signals an imminent price reversal downwards, and at the level of 1.3782, a Bearish Marubozu pattern, which indicates the increasing activity of sellers in the market, is forming. The combination of these figures confirms the strengthening of the downward dynamics towards the support level of 1.3590, after which the quotes will go to the zone of 1.3328–1.3086. An alternative scenario is possible in case of a breakdown of the key resistance level of 1.3832, and then the next target will be 1.4084–1.4347.


On the daily chart, at the level of 1.3832, an Evening Star candlestick pattern is formed, which includes the Hanging Man pattern. These figures are reversal and mean that the price has reached a local high, where the leadership has passed to the "bears", while the potential of the "bulls" has significantly weakened. An additional confirmation can be another Hanging Man pattern, which is located under the level of 1.3782. At the moment, the most likely scenario is the decline of the asset to the support level of 1.3590, after which the negative dynamics may intensify up to the level of 1.3086.

Support levels: 1.3590, 1.3328, 1.3086. | Resistance levels: 1.3832, 1.4084, 1.4347.

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