USD/CAD Remains Range-Bound In Absence of Reversal Candlesticks
- USD/CAD Technical Strategy: Sidelines Preferred
- Range remains in play between 1.0810 and 1.0960
- Bullish pattern on four hour chart may find little follow-through
USD/CAD remains range-bound with little in the way of candlestick formations on the daily to offer clear technical signals. With prices failing to clear resistance at 1.0960, sellers may look to keep pressure on the pair, which could result in a correction towards noteworthy support at 1.0810.
Daily Chart - Created Using FXCM Marketscope 2.0
An examination of the four hour chart reveals a Bullish Engulfing pattern which hints at an intraday bounce if confirmed by a successive up-period. Sellers would likely look to keep gains capped at 1.0950.
USD/CAD: Sellers Likely Sitting At 1.0950
4 Hour Chart - Created Using FXCM Marketscope 2.0
By David de Ferranti, Market Analyst, DailyFX
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