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Forex Strategy: USD/CAD Morning Star Hints At Bounce To 1.1100

Forex Strategy: USD/CAD Morning Star Hints At Bounce To 1.1100

2014-03-31 11:49:00
David de Ferranti, Currency Analyst

Talking Points

  • USD/CAD Technical Strategy: longs preferred
  • Psychologically-significant 1.1000 handle acting to support prices
  • Morning Star pattern in intraday trade suggests bounce to 1.1100

USD/CAD has found support near the psychologically-significant 1.1000 handle following several steep days of declines on the back of a Hanging Man candlestick formation. We may be looking at a return of a range-bound market for the Loonie, which would favor longs at current levels.

USD/CAD: Back in Familiar Range

Forex-Strategy-USDCAD-Morning-Star-Hints-At-Bounce-To-1.1100_body_Picture_2.png, Forex Strategy: USD/CAD Morning Star Hints At Bounce To 1.1100

Daily Chart - Created Using FXCM Marketscope 2.0

Drilling down to the four hour chart, the Morning Star pattern near 1.1000 has received confirmation from a successive up-period. While the signal has been met with little follow-through from traders, there may be an eventual push back towards the 1.1100 mark which would coincide with the 38.2% Fib Retracement Level.

USD/CAD: Morning Star Emerges Near Key Support

Forex-Strategy-USDCAD-Morning-Star-Hints-At-Bounce-To-1.1100_body_Picture_1.png, Forex Strategy: USD/CAD Morning Star Hints At Bounce To 1.1100

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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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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