CAD USD Currency Futures - Daily Chart 20th March 2009
Whilst the futures contract for the CAD/USD finished higher yesterday the move was less than convincing, with a shooting star candle being formed on the daily chart, and despite the closing price finishing above all three moving averages, this is a warning signal, given the length of the upper wick. In addition we also need to note th volume that has followed the move, which is the same as for Wednesday, suggesting that the volume of Thursday has failed to push prices higher, and that selling pressure is now coming into the market for the contract. It is also interesting to note that the high of the day failed to pierce the resistance level of February in the 0.82 region, and coupled with our analysis of the volume and spread of the candle using volume spread analysis, would suggest that we may see prices fall in the next few days, and continue the bearish trend of the lat few weeks for the currency future.
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