USDCAD under the strong bearish pressure today after the pair formed the powerful MultiCandle sell reversal pattern, made out of the following individual sell patterns:
- Shooting Star
- Flying candle
FX Candle Radar ranks the cumulative strength of this multi-candle pattern at 54.32 CandleScore points, making it the second strongest multi-candle reversal pattern formed last Friday. The strength of this pattern is also increased by the clear bearish divergence on the daily RSI indicator.
As can be seen from the FX sentiment analyzer, the pair is also driven down by the bearish intraday sentiment differential forming between the USD and CAD sentiment waves, – which have been inversely correlated on the last two trading sessions as can be seen below: