USD/CAD Bulls In Doubt Following Failure To Crack Resistance
- 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
The Doji on the daily for USD/CAD suggests indecision from traders near noteworthy resistance at 1.0940. However, a more notable bearish signal remains absent, which at this stage casts doubt over the extent of any pullback.
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 near1.0900, further falls in the session ahead may be limited.
USD/CAD: Dark Cloud Cover May Find Limited Follow-Through with Support Nearby
4 Hour Chart - Created Using FXCM Marketscope 2.0
By David de Ferranti, Market Analyst, DailyFX
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