USD/CAD Intraday Bounce Possible As Harami Pattern In Play
- USD/CAD Technical Strategy: Sidelines Preferred
- Bullish Engulfing awaits confirmation
- Four hour chart suggests the potential for an intraday bounce
USD/CAD has reversed course following a break below the 1.0860 mark. The recovery in prices has prompted the emergence of a Bullish Engulfing candlestick pattern which suggests further gains may be possible. However, given past price action suggests the potential emergence of a downtrend, it remains to be seen whether this is a mere corrective bounce within the broader trend.
Daily Chart - Created Using FXCM Marketscope 2.0
A Harami candlestick pattern near 1.0875 combined with clearance of the 1.0900 mark suggests the potential for an intraday bounce towards the next level of resistance at 1.0940.
USD/CAD: Harami Puts Intraday Bounce On The Cards
4 Hour Chart - Created Using FXCM Marketscope 2.0
By David de Ferranti, Market Analyst, DailyFX
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