Trade FOREX with FXCM

  • Award-Winning Platform
  • 24/7 Customer Support
  • Trade Directly on Charts
  • Free $50K Practice Account
DailyFX Home / Forex Technical Analysis / Forex Candlestick Summary

Forex Candlestick Summary

Symbol Trend Bias Time Frame Candlestick Formation Candle Bias Chart Links

USD/CAD Bullish Candlestick Pattern Awaiting Confirmation

Talking Points

  • Strategy: Flat
  • Rebound Produces A Piercing Line Pattern
  • H4 Chart Leaves Clearer Candlestick Cues Desired

USD/CAD’s impulsive swings have continued with a Piercing Line pattern left in its wake. Yet the key reversal pattern awaits confirmation from a successive up-period to offer a bullish signal. Traders should be mindful of the pair’s tendency towards violent intraday whipsaws meaning caution is required when looking to adopt fresh positioning.

USD/CAD: Rebound Produces Piercing Line Pattern

USD/CAD Bullish Candlestick Pattern Awaiting Confirmation

Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here

The four hour chart appears lacking of key reversal candlestick patterns. This leaves a more constructive setup desired to offer a clearer technical bias.

USD/CAD: Candlestick Reversal Patterns Lacking In Intraday Trade

USD/CAD Bullish Candlestick Pattern Awaiting Confirmation

4 Hour Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here

By David de Ferranti, Currency Analyst, DailyFX

Follow David on Twitter: @DaviddeFe

To receive David’s analysis directly via email, please sign up here.

Learn how to read candlesticks to help identify trading opportunities with the DailyFX Candlesticks Video Course.

Latest Topics in the DailyFX Forums

EURUSD
by Blaiserboy
Today at 03:56
The Purely Technical EUR/USD ...
by Martin Kay
Today at 02:19
GBP and JPY Pairs
by Dimake
Yesterday at 23:08
EURUSD
by Dimake
Yesterday at 22:56

Resources