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USD/CAD Capped Near 1.0940 As Doji Forms On Daily

USD/CAD Capped Near 1.0940 As Doji Forms On Daily

2014-05-22 11:49:00
David de Ferranti, Currency Analyst
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Talking Points

  • USD/CAD Technical Strategy: Sidelines Preferred
  • Doji suggests signs of hesitation from traders near 1.0940
  • Bearish pattern on four hour chart may find little follow-through

USD/CAD continues to be capped by the 1.0940 mark as a Doji on the daily suggests some hesitation from the bulls. However, at this stage a bearish candlestick pattern is absent which precludes a potential correction back to support at 1.0815.

USD/CAD: Bulls Lose Steam Near 1.0940

USD/CAD Capped Near 1.0940 As Doji Forms On Daily

Daily Chart - Created Using FXCM Marketscope 2.0

Intraday price action has resulted in the formation of a Dark Cloud Cover pattern on the four hour chart. However, with buyers likely looking to support prices at 1.0900, further falls in the session ahead may be limited.

USD/CAD: Dark Cloud Cover May Find Limited Follow-Through with Support Nearby

USD/CAD Capped Near 1.0940 As Doji Forms On Daily

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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