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USD/CAD Doji Signals Hesitation From Bears Near Key Support

USD/CAD Doji Signals Hesitation From Bears Near Key Support

2014-05-08 11:49:00
David de Ferranti, Currency Analyst
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Talking Points

  • 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.

USD/CAD: Buyers Keep Prices Supported Near Range-Bottom

USD/CAD Doji Signals Hesitation From Bears Near Key Support

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

USD/CAD Doji Signals Hesitation From Bears Near Key Support

4 Hour Chart - Created Using FXCM Marketscope 2.0

By David de Ferranti, Market Analyst, DailyFX

Follow David on Twitter: @Davidde

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