USD/CAD Eyes Range-Bottom As Bears Remain In Control
- USD/CAD Technical Strategy: Shorts Preferred
- Range remains in play between 1.0810 and 1.0960
- Close below 1.0890 to open further declines
As noted in recent candlesticks reports USD/CAD’s woes may be set to continue as the pair continues its drift towards 1.0800/10. At this stage a bounce looks doubtful with candlestick reversal patterns remaining absent on the daily.
Daily Chart - Created Using FXCM Marketscope 2.0
The appearance of the Bearish Engulfing pattern near 1.0920 which heralded a correction ahead. With reversal signals missing on the four hour chart the pair may continue to drop 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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