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Forex Strategy: USD/CAD Awaits Bullish Signal Near Key Support

Forex Strategy: USD/CAD Awaits Bullish Signal Near Key Support

2014-04-03 11:49:00
David de Ferranti, Currency Analyst
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Talking Points

  • USD/CAD Technical Strategy: longs preferred
  • Psychologically-significant 1.1000 handle acting to support prices
  • Doji on daily suggests hesitation amongst the bears

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, which is made further evident by the recent Doji formation.

USD/CAD: Back in Familiar Range

Forex-Strategy-USDCAD-Awaits-Bullish-Signal-Near-Key-Support_body_Picture_2.png, Forex Strategy: USD/CAD Awaits Bullish Signal Near Key Support

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

Forex-Strategy-USDCAD-Awaits-Bullish-Signal-Near-Key-Support_body_Picture_1.png, Forex Strategy: USD/CAD Awaits Bullish Signal Near Key Support

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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