USD/CAD bearish outside day
USD/CAD was on a ten-day winning streak coming into Friday but a climb in oil prices and a wave of profit taking led to the pair erasing the previous four days of gains.
USD/CAD finished down more than 100 pips at 1.3646 in a classic bearish outside reversal.
A pattern like this is often a sign of a top/bottom and I think that's the case here. It doesn't mean that it's a major top or bottom but it's enough to trigger a retracement to 1.3600 or 1.3575, which was the zone around the Nov/Dec highs.
