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USD/CAD Set For Further Declines With Bullish Candlestick Lacking

USD/CAD Set For Further Declines With Bullish Candlestick Lacking

2014-05-09 11:49:00
David de Ferranti, Currency Analyst
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Talking Points

  • 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.

USD/CAD: Push Past Support Opens 1.0590

USD/CAD Set For Further Declines With Bullish Candlestick Lacking

Daily Chart - Created Using FXCM Marketscope 2.0

A Hanging Man formation on the four hour chart has resulted in extended declines for USD/CAD. A bullish reversal signal remains absent suggesting the potential for further falls.

USD/CAD: Hanging Man Delivers Drop

USD/CAD Set For Further Declines With Bullish Candlestick Lacking

4 Hour Chart - Created Using FXCM Marketscope 2.0

By David de Ferranti, Market Analyst, DailyFX

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