The USD/CAD pair shot straight up during the session on Monday, but lost most of the gains in order to close right around the 1.0050 level. This significant give back formed a shooting star for the session, and sets up a potential sell signal if we managed to break below the bottom of the day’s range. If this happens, we believe that this market will continue to try and find the 0.9950 level as consolidation continues. Alternately, if we managed to break the top on the shooting star, we would be looking at a very bullish market, and especially so if we managed to close above the 1.01 level.
Written by FX Empire