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USD/CAD Bulls Stage A Return As Doji Signals Shift In Sentiment

USD/CAD Bulls Stage A Return As Doji Signals Shift In Sentiment

David Ferranti,

Talking Points

  • USD/CAD Technical Strategy: Pending Long
  • Range remains in play between 1.0810 and 1.0960
  • Doji suggests indecision amongst traders

A Doji on the daily for USD/CAD suggests a potential shift in sentiment for the pair and possible push back to the range-top at 1.0960. The close of successive up-day would help confirm the potential recovery.

USD/CAD: Doji Suggests Indecision Amongst traders

USD/CAD Bulls Stage A Return As Doji Signals Shift In Sentiment

Daily Chart - Created Using FXCM Marketscope 2.0

Similarly the four hour chart offers an indication of a recovery for the Loonie with a Bullish Engulfing pattern emerging near intraday support at 1.0842. Sellers may look to keep the pair capped at nearby resistance offered by the 1.0890 mark.

USD/CAD: Bulls Stage A Return As Reversal Pattern Emerges

USD/CAD Bulls Stage A Return As Doji Signals Shift In Sentiment

4 Hour Chart - Created Using FXCM Marketscope 2.0

By David de Ferranti, Market Analyst, DailyFX

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