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USD/CAD Bears Emerge Following Test of Critical 1.1000 Handle

USD/CAD Bears Emerge Following Test of Critical 1.1000 Handle

2014-04-16 11:49:00
David de Ferranti, Currency Analyst
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Talking Points

  • USD/CAD Technical Strategy: Sidelines Preferred
  • Bullish Engulfing pattern results in test of 1.1000 handle
  • Shooting Star on the radar, but awaits confirmation

As noted in recent candlesticks reports USD/CAD was poised for a run on the critical 1.1000 mark following the emergence of a Bullish Engulfing pattern on the daily. After probing above the notable level of resistance, the bears are capping further gains for the pair. A Shooting Star formation has also emerged which awaits confirmation from a second-down day before suggesting the potential for a more meaningful correction.

USD/CAD: Bullish Engulfing Pattern Suggests Further Gains

USDCAD-Bears-Emerge-Following-Test-of-Critical-1.1000-Handle_body_Picture_2.png, USD/CAD Bears Emerge Following Test of Critical 1.1000 Handle

Daily Chart - Created Using FXCM Marketscope 2.0

Drilling down to the four hour chart; a Hanging Man near 1.1000 reinforces the importance of the key resistance level. The bearish signal suggests the potential for a dip in intraday trade, with support likely to emerge at the 1.0955 mark.

USD/CAD: Hanging Man Suggests Intraday Dip

USDCAD-Bears-Emerge-Following-Test-of-Critical-1.1000-Handle_body_Picture_1.png, USD/CAD Bears Emerge Following Test of Critical 1.1000 Handle

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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