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USD/CAD Key Resistance Caps Gains As Dojis Dominate Price Action

USD/CAD Key Resistance Caps Gains As Dojis Dominate Price Action

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

  • USD/CAD Technical Strategy: Shorts Preferred
  • Doji suggests reluctance from bulls to push prices back above 1.1000
  • Four hour chart highlights potential range trading opportunities

USD/CAD remains capped below former support-turned resistance at 1.1000 with a Doji on the daily showing a reluctance from the bulls to reclaim the key level. The failure to push back above resistance suggests a bearish bias with a potential target offered by the recent range-bottom at 1.0860.

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

USD/CAD Key Resistance Caps Gains As Dojis Dominate Price Action

Daily Chart - Created Using FXCM Marketscope 2.0

The four hour chart exhibits signs of a short-term range between 1.1000 and 1.0940 that may offer day trading opportunities on other side of the narrow corridor.

USD/CAD: Range Remains In Play

USD/CAD Key Resistance Caps Gains As Dojis Dominate Price Action

4 Hour Chart - Created Using FXCM Marketscope 2.0

By David de Ferranti, Market Analyst, DailyFX

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