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Forex Strategy: USD/CAD Hammer Could Incite Bulls To Run On 1.1100

Forex Strategy: USD/CAD Hammer Could Incite Bulls To Run On 1.1100

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. Now with the emergence of a Hammer formation there may be the potential for a retracement higher, which favors longs at current levels.

USD/CAD: Back in Familiar Range

Forex-Strategy-USDCAD-Hammer-Could-Incite-Bulls-To-Run-On-1.1100_body_Picture_2.png, Forex Strategy: USD/CAD Hammer Could Incite Bulls To Run On 1.1100

Daily Chart - Created Using FXCM Marketscope 2.0

Drilling down to the four hour chart, the Morning Star pattern near 1.1000 failed to deliver a rally towards 1.1100 in intraday trade. However, the emergence of a Piercing Line pattern may reignite the bulls to make a run on the 38.2% Fib Retracement Level.

USD/CAD: Piercing Line Emerges Near Key Support

Forex-Strategy-USDCAD-Hammer-Could-Incite-Bulls-To-Run-On-1.1100_body_Picture_1.png, Forex Strategy: USD/CAD Hammer Could Incite Bulls To Run On 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.