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Forex Strategy: USD/CAD At A Crossroads Near Range-Bottom At 1.0900

Forex Strategy: USD/CAD At A Crossroads Near Range-Bottom At 1.0900

David de Ferranti, Currency Analyst

Talking Points

  • USD/CAD Technical Strategy: Sidelines Preferred
  • Range-bottom at 1.0900 remains on the radar
  • Bullish reversal signal near key support would favor longs

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. This puts the Loonie at a crossroads in the session ahead. If a bullish reversal signal emerges playing the range may be the best option, however an extended decline would favor an opportunity to capitalize on a breakout lower.

USD/CAD: Make or Break Moment Near Range-Bottom

Forex-Strategy-USDCAD-At-A-Crossroads-Near-Range-Bottom-At-1.0900_body_Picture_2.png, Forex Strategy: USD/CAD At A Crossroads Near Range-Bottom At 1.0900

Daily Chart - Created Using FXCM Marketscope 2.0

Drilling down to the four hour chart, an Inverted Hammer candlestick appears to be forming, which may be hinting at a potential bounce. However, the candle has yet to close and receive confirmation from an ensuring up period to be validated.

Forex-Strategy-USDCAD-At-A-Crossroads-Near-Range-Bottom-At-1.0900_body_Picture_1.png, Forex Strategy: USD/CAD At A Crossroads Near Range-Bottom At 1.0900

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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