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USD/CAD Eyes Range-Bottom As Bears Remain In Control

USD/CAD Eyes Range-Bottom As Bears Remain In Control

2014-06-13 11:49:00
David de Ferranti, Currency Analyst
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Talking Points

  • 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.

USD/CAD: Drift Lower To Continue With Reversal Signals Missing

USD/CAD Eyes Range-Bottom As Bears Remain In Control

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

USD/CAD Eyes Range-Bottom As Bears Remain In Control

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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