Forex Strategy: USD/CAD Faces Another Test of Critical 1.1000 Handle
- USD/CAD Technical Strategy: longs preferred
- Psychologically-significant 1.1000 handle acting to support prices
- Hammer on daily failed to receive confirmation
The Hammer candlestick on the daily chart has failed to receive confirmation which puts doubt on the potential for a USD/CAD bounce. However, the psychologically-significant 1.1000 handle remains noteworthy support that may prompt some hesitation amongst the bears.
USD/CAD: Back in Familiar Range
Daily Chart - Created Using FXCM Marketscope 2.0
Drilling down to the four hour chart, several bullish reversal patterns have failed to receive much follow-through. New long positions may be better-served if a correction higher starts to gain traction.
USD/CAD: 1.1000 Offers Support In Intraday Trade
4 Hour Chart - Created Using FXCM Marketscope 2.0
By David de Ferranti, Market Analyst, FXCM
Follow David on Twitter: @Davidde
To receive David’s analysis directly via email, please sign up here.