USD/CAD Doji Signals Hesitation From Bears Near Key Support
- USD/CAD Technical Strategy: Sidelines Preferred
- Doji highlights hesitation from traders near key support
- Four Hour chart shows little signs of a bounce
USD/CAD is testing its range-bottom near 1.0860 with a Doji candlestick suggesting some hesitation from the bears to push prices lower. However, we’re yet to see the emergence of a bullish pattern which would foreshadow a bounce back to 1.0940.
Daily Chart - Created Using FXCM Marketscope 2.0
A Hanging Man formation on the four hour chart has resulted in an intraday drop for USD/CAD. While a bullish reversal signal is absent, the potential for further declines may be limited given the context provided by the daily and noteworthy support resting nearby.
USD/CAD: Hanging Man Delivers Drop
4 Hour Chart - Created Using FXCM Marketscope 2.0
By David de Ferranti, Market Analyst, DailyFX
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