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USD/CAD Bullish Signal May See Limited Response Sub 1.1000

USD/CAD Bullish Signal May See Limited Response Sub 1.1000

2014-05-01 11:49:00
David de Ferranti, Currency Analyst
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Talking Points

  • USD/CAD Technical Strategy: Sidelines Preferred
  • Several Dojis signaled hesitation from the bulls above 1.1000
  • Inverted Hammer on 4 hour chart may see limited response

USD/CAD has finally broken below key support at 1.1000 following a drawn-out struggle between the bulls and bears denoted by several Dojis on the daily. At this stage it may be too soon to call for a recovery for the pair, given a bullish reversal signal is still absent on the daily.

USD/CAD: Bears Take Control As Prices Push Below 1.1000

USD/CAD Bullish Signal May See Limited Response Sub 1.1000

Daily Chart - Created Using FXCM Marketscope 2.0

Drilling down to the four hour chart; there may be a small sign of hope for the USD/CAD bulls, provided by an Inverted Hammer formation. However an intraday recovery is likely to be met by strong selling pressure at the critical 1.1000 handle.

USD/CAD: Sellers Likely Sitting at 1.1000

USD/CAD Bullish Signal May See Limited Response Sub 1.1000

4 Hour Chart - Created Using FXCM Marketscope 2.0

By David de Ferranti, Market Analyst, FXCM

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