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USD/CAD Traders Await Bullish Signal Near Range-Bottom

USD/CAD Traders Await Bullish Signal Near Range-Bottom

2014-05-07 11:49:00
David de Ferranti, Currency Analyst
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Talking Points

  • USD/CAD Technical Strategy: Sidelines Preferred
  • Doji suggests reluctance from bulls to push prices back above 1.1000
  • Four Hour chart shows little signs of a bounce

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 Traders Await Bullish Signal Near Range-Bottom

Daily Chart - Created Using FXCM Marketscope 2.0

A Hammer formation in intraday trade has done little to reinvigorate the bulls with the reversal pattern failing to receive confirmation from a successive up-period. Intraday support likely rests at the 1.0860 mark.

USD/CAD: Hammer Formation Fails To Stir The Bulls

USD/CAD Traders Await Bullish Signal Near Range-Bottom

4 Hour Chart - Created Using FXCM Marketscope 2.0

By David de Ferranti, Market Analyst, DailyFX

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