USD/CAD: Shooting-Star In Down-Trend Signals Continuation

 | May 14, 2015 10:19AM ET


USD/CAD has formed a bearish shooting star in the midst of a strong short-term down-trending move. This, combined with resistance from the 10-MA which the pair backed into prior to forming the shooting star as well as bearish MACD increases the probability of further downside.


A break below the shooting-star lows would probably be sufficient to confirm further down-side to a target at 1.1869, the height of the candlestick extrapolated lower.