News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
Oil - US Crude
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
USD/CAD Intraday Bounce Possible As Harami Pattern In Play

USD/CAD Intraday Bounce Possible As Harami Pattern In Play

David de Ferranti, Currency Analyst

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

To receive David’s analysis directly via email, please sign up here.

Learn how to read candlesticks to help identify trading opportunities with the DailyFX Candlesticks Video Course.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES