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Forex Strategy: USD/CAD Teases Traders Near Critical 1.1000 Level

Forex Strategy: USD/CAD Teases Traders Near Critical 1.1000 Level

David de Ferranti, Currency Analyst

Talking Points

  • USD/CAD Technical Strategy: Sidelines Preferred
  • Psychologically-significant 1.1000 remains on the radar
  • Recovery may be limited with bullish signal missing

After a suspenseful ride with several hints at a bounce, USD/CAD has finally broken below key support at 1.1000. However shorts may be precluded at this stage given that prices still remain within a familiar range between 1.0900 and 1.1300, which leaves noteworthy buying support close by. At the same time, with a bullish reversal signal missing there is doubt cast over a sustained recovery for the pair.

USD/CAD: Back At Critical 1.1000 Handle

Forex-Strategy-USDCAD-Teases-Traders-Near-Critical-1.1000-Level_body_Picture_2.png, Forex Strategy: USD/CAD Teases Traders Near Critical 1.1000 Level

Daily Chart - Created Using FXCM Marketscope 2.0

Drilling down to the four hour chart, the importance of the 1.1000 handle is made more evident. However, even as prices tease at an upside breakout, a recovery may prove limited given the lackluster reaction by traders to several prior bullish signals.

Forex-Strategy-USDCAD-Teases-Traders-Near-Critical-1.1000-Level_body_Picture_1.png, Forex Strategy: USD/CAD Teases Traders Near Critical 1.1000 Level

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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