USD/CAD At A Crossroads Near Key Support With Reversal Signal Missing
- USD/CAD Technical Strategy: Pending Long
- Range between 1.0810 and 1.0960 remains in play
- Bullish signals remain absent near range-bottom
USD/CAD remains at a critical juncture near the 1.0810 mark as the pair threatens a break of its long-held range-bottom. However, at this stage a bullish reversal pattern remains absent, which casts doubt over the potential for a bounce.
USD/CAD: Awaiting Bullish 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: Doji Signals Indecision Near Range-Bottom
4 Hour Chart - Created Using FXCM Marketscope 2.0
By David de Ferranti, Market Analyst, DailyFX
Follow David on Twitter: @Davidde
To receive David’s analysis directly via email, please sign up here.
Learn how to read candlesticks to help identify trading opportunities with the DailyFX Candlesticks Video Course.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.