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  • $USDCAD fell by nearly 100 pips, from 1.2700 to around 1.2610, following no policy changes from the BoC, marking a fresh two year low for the pair. $USD $CAD https://t.co/30Xq1HX8Yx
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  • USD/CAD drops following BoC Decision - Rate unchanged (some slight suggestion of micro-cut prior to meeting) - Leveraged funds (fast money) had been short $CAD into the meeting, thus an outsized mover lower in USDCAD - MPR report also relatively positive https://t.co/IbL1BImkhz
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Forex Strategy - USD/CAD To Offer Range Setup Near 1.1160

Forex Strategy - USD/CAD To Offer Range Setup Near 1.1160

David de Ferranti, Currency Analyst

Talking Points

  • USD/CAD Technical Strategy: Range trading preferred
  • Range on the daily remains in force (1.0900 – 1.1200)
  • Dojis on four hour suggest intraday gains may be limited

USD/CAD continues to consolidate between 1.0900 and 1.1200 (as demonstrated on the daily). While a Bullish Engulfing pattern suggested some strength may lie ahead, gains may be limited given the range-top looming nearby.

USD/CAD: Consolidation Endures

USDCAD-Teasing-Traders-Near-Critical-1.1000-Handle_body_Picture_2.png, Forex Strategy - USD/CAD To Offer Range Setup Near 1.1160

Daily Chart - Created Using FXCM Marketscope 2.0

Digging deeper, the four hour chart hints at indecision amongst traders evidenced by the formation of several Doji candles straddling the 1.1100 handle.

Range trading strategies remain preferred here with a move to 1.1160 to open up new short opportunities, while a test 1.1050 may present another shot at getting long.

USD/CAD: Doji Candles Suggest Fading Upside Momentum

USDCAD-Teasing-Traders-Near-Critical-1.1000-Handle_body_Picture_1.png, Forex Strategy - USD/CAD To Offer Range Setup Near 1.1160

4 Hour Chart - Created Using FXCM Marketscope 2.0

By David de Ferranti, Market Analyst, FXCM

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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