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USD/CAD At A Crossroads Near Key Support With Reversal Signal Missing

USD/CAD At A Crossroads Near Key Support With Reversal Signal Missing

David de Ferranti, Currency Analyst

Talking Points

  • 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

USD/CAD At A Crossroads Near Key Support With Reversal Signal Missing

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

USD/CAD At A Crossroads Near Key Support With Reversal Signal Missing

4 Hour Chart - Created Using FXCM Marketscope 2.0

By David de Ferranti, Market Analyst, DailyFX

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