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USD/CAD Indecision Near Range-Bottom Sets Stage For Recovery

USD/CAD Indecision Near Range-Bottom Sets Stage For Recovery

2014-06-17 11:49:00
David de Ferranti, Currency Analyst
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Talking Points

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

A Gravestone 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 an ensuing up-day would help confirm the signal and open a further recovery.

USD/CAD: Gravestone Doji Suggests Indecision Amongst traders

USD/CAD Indecision Near Range-Bottom Sets Stage For Recovery

Daily Chart - Created Using FXCM Marketscope 2.0

The four hour chart reveals a struggle amongst traders as the pair fails to recover back above the 1.0890 mark. With another Bullish Engulfing pattern appearing near support at 1.0842, the pair may yet find the strength to run towards resistance over the session ahead.

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

USD/CAD Indecision Near Range-Bottom Sets Stage For Recovery

4 Hour Chart - Created Using FXCM Marketscope 2.0

By David de Ferranti, Market Analyst, DailyFX

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