USD/CAD To Continue Drift Lower With Bullish Signals Missing
- USD/CAD Technical Strategy: Shorts Preferred
- Range remains in play between 1.0810 and 1.0960
- Close below 1.0890 to open further declines
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
The Bullish Engulfing formation near 1.0890 found little follow-through in recent trading, which suggests a Piercing Line pattern that is now forming may also fail to stir the USD/CAD bulls. A close below 1.0890 would suggest strong conviction amongst the bears and a potential push lower to 1.0825.
USD/CAD: Traders Look Past Bullish Engulfing Pattern
4 Hour Chart - Created Using FXCM Marketscope 2.0
By David de Ferranti, Market Analyst, DailyFX
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