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USD/CAD Open To Further Falls Following Break Below Range-Bottom

USD/CAD Open To Further Falls Following Break Below Range-Bottom

David de Ferranti, Currency Analyst

Talking Points

  • USD/CAD Technical Strategy: Shorts Preferred
  • Prices break below range-bottom at 1.0900
  • Absence of bullish signal suggests further declines

USD/CAD has finally broken below the critical 1.0900 handle that had acted to support prices since mid-January. While there are likely slivers of support at nearby psychological points like 1.0800, the next definitive level to consider is some distance away at 1.0590. With a bullish reversal signal missing on both the daily and four hour timeframes a bearish technical bias is offered.

USD/CAD: Breaks Below Range-Bottom At 1.0900

USDCAD-Open-To-Further-Falls-Following-Break-Below-Range-Bottom_body_Picture_2.png, USD/CAD Open To Further Falls Following Break Below Range-Bottom

Daily Chart - Created Using FXCM Marketscope 2.0

Drilling down to the four hour chart, the Bullish Engulfing pattern noted yesterday failed to receive confirmation from a successive up-period. With a key reversal signal notably absent in intraday trade, there may be further falls ahead for the Loonie.

USD/CAD: Bullish Engulfing Pattern Fails To Receive Confirmation

USDCAD-Open-To-Further-Falls-Following-Break-Below-Range-Bottom_body_Picture_1.png, USD/CAD Open To Further Falls Following Break Below 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.