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USD/CAD Awaiting Reversal Signal Near Range-Bottom

USD/CAD Awaiting Reversal Signal Near Range-Bottom

David de Ferranti, Currency Analyst

Talking Points

  • USD/CAD Technical Strategy: Pending Long
  • Range between 1.0810 and 1.0960 remains in play
  • Gravestone Doji fails to find follow-through

As noted in yesterday’s candlesticks report the June FOMC Meeting offered the potential for significant US Dollar volatility. The resulting price action has negated a Gravestone Doji on the daily for USD/CADwhich had suggested at a potential shift in sentiment for the pair. With bullish reversal signals now absent, doubt is cast over the possibility of a bounce. At the same time the range-bottom may offer some support to the Loonie and leave limited scope for further declines.

USD/CAD: Awaiting Bullish Signal Near Range-Bottom

USD/CAD Awaiting Reversal Signal Near Range-Bottom

Daily Chart - Created Using FXCM Marketscope 2.0

An examination of the four hour chart similarly reveals a notable absence of bullish signals, despite the pair pushing on noteworthy support at 108.15.

USD/CAD: Bullish Patterns Remain Missing In Intraday Trade

USD/CAD Awaiting Reversal Signal Near Range-Bottom

4 Hour Chart - Created Using FXCM Marketscope 2.0

By David de Ferranti, Market Analyst, DailyFX

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