USD/CAD Set For Further Declines With Bullish Candlestick Lacking
- USD/CAD Technical Strategy: Shorts Preferred
- Break of range-bottom opens further falls
- Four hour chart shows little signs of a bounce
USD/CAD has finally broken below its range-bottom at 1.0860 with few signs a potential reversal on the daily. With the next noteworthy level of support resting at 1.0590 the pair could be set for extended declines, which may afford new short positions.
Daily Chart - Created Using FXCM Marketscope 2.0
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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