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USD/CAD Bulls In Doubt Following Failure To Crack Resistance

USD/CAD Bulls In Doubt Following Failure To Crack Resistance

David de Ferranti, Currency Analyst

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

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.

USD/CAD: Bulls Lose Steam Near 1.0940

USD/CAD Bulls In Doubt Following Failure To Crack Resistance

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

USD/CAD Bulls In Doubt Following Failure To Crack Resistance

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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