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USD/CAD Bullish Engulfing Pattern Hints At A Bounce Near Range-Bottom

USD/CAD Bullish Engulfing Pattern Hints At A Bounce Near Range-Bottom

David de Ferranti, Currency Analyst

Talking Points

  • USD/CAD Technical Strategy: Sidelines Preferred
  • Range-bottom at 1.0900 remains critical support
  • Bullish Engulfing pattern hinting at a bounce

USD/CAD is facing a make-or-break moment in the hours as the pair tests a critical support level near 1.0900. While buyers appear to be keeping prices well-supported in early European trading, a bullish reversal signal has yet to emerge on the daily.

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

USDCAD-Bullish-Engulfing-Pattern-Hints-At-A-Bounce-Near-Range-Bottom_body_Picture_2.png, USD/CAD Bullish Engulfing Pattern Hints At A Bounce Near Range-Bottom

Daily Chart - Created Using FXCM Marketscope 2.0

Drilling down to the four hour chart, a Bullish Engulfing signal suggests the potential for a test of former support-turned resistance at 1.0955 in the session ahead. A break higher would likely prompt a swift advance on the psychological 1.1000 mark.

USD/CAD: Bullish Engulfing Pattern Hints At A Bounce

USDCAD-Bullish-Engulfing-Pattern-Hints-At-A-Bounce-Near-Range-Bottom_body_Picture_1.png, USD/CAD Bullish Engulfing Pattern Hints At A Bounce Near Range-Bottom

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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