USD/CAD Set For Further Falls As Reversal Candlesticks Remain Absent
- 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 continued correction towards noteworthy support at 1.0810.
Daily Chart - Created Using FXCM Marketscope 2.0
USD/CAD’s intraday recovery in yesterday’s session was ultimately spoilt by the appearance of another Bearish Engulfing pattern, which heralded a correction ahead. With reversal signals missing on the four hour chart the pair may continue to drift towards support at 1.0825.
USD/CAD: Bearish Engulfing Pattern Delivers Declines
4 Hour Chart - Created Using FXCM Marketscope 2.0
By David de Ferranti, Market Analyst, DailyFX
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