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Forex Strategy: USD/CAD Dips As Dark Cloud Cover Dominates Price Action

Forex Strategy: USD/CAD Dips As Dark Cloud Cover Dominates Price Action

David de Ferranti, Currency Analyst

Talking Points

  • USD/CAD Technical Strategy: shorts preferred
  • False breakout prompts bearish reversal pattern
  • Dark Cloud Cover results in sustained weakness

After staging a breakout above 1.1200 the formation of a Hanging Man candlestick on the daily has resulted in a quick retracement for USD/CAD. The bears are showing little signs of letting up on the pair as a bullish reversal pattern remains absent on both the daily and four hour charts. Buyers may begin to emerge and keep prices supported at 1.1050.

USD/CAD: Hanging Man Scatters Bulls

Forex-Strategy-USDCAD-Dips-As-Dark-Cloud-Cover-Dominates-Price-Action_body_Picture_2.png, Forex Strategy: USD/CAD Dips As Dark Cloud Cover Dominates Price Action

Daily Chart - Created Using FXCM Marketscope 2.0

Drilling down to the four hour chart, the Dark Cloud Cover formation that had threatened an intraday correction for USD/CAD has resulted in sustained declines for the pair. A bullish reversal pattern remains absent suggesting an intraday bounce is unlikely at this stage.

USD/CAD: Dark Cloud Cover Delivers Declines

Forex-Strategy-USDCAD-Dips-As-Dark-Cloud-Cover-Dominates-Price-Action_body_Picture_1.png, Forex Strategy: USD/CAD Dips As Dark Cloud Cover Dominates Price Action

4 Hour Chart - Created Using FXCM Marketscope 2.0

By David de Ferranti, Market Analyst, FXCM

Follow David on Twitter: @Davidde

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