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USD/CAD Intraday Bounce Possible As Harami Pattern In Play

USD/CAD Intraday Bounce Possible As Harami Pattern In Play

2014-05-13 11:49:00
David de Ferranti, Currency Analyst
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Talking Points

  • 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.

USD/CAD: Key Reversal Pattern Emerges As Bulls Return

USD/CAD Intraday Bounce Possible As Harami Pattern In Play

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

USD/CAD Intraday Bounce Possible As Harami Pattern In Play

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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