Search ForexCrunch

USD/CAD defended the 50-day moving average (MA) support on Tuesday with a long-tailed candle, which is widely considered an early warning of a potential bullish reversal.  

The trend change, however, would be confirmed only if the spot sees a convincing break above 1.3345 (high of the long-tailed doji) today.  

A close above 1.3345 would open the doors to re-test of recent highs above 1.3460.  

A close below 1.3250 (low of the long-tailed candle) could invite stronger bearish pressures.  

Daily chart

Trend: Needs bull close above 1.3345