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USD/CAD Key Support Cracks, Stage Set For Further Falls

USD/CAD Key Support Cracks, Stage Set For Further Falls

David de Ferranti, Currency Analyst

Talking Points

  • USD/CAD Technical Strategy: Shorts Preferred
  • Range between 1.0810 and 1.0960 finally broken
  • Bullish reversal signals remain absent

USD/CAD has finally cleared key support at 1.0810 after failing to yield a bullish candlestick pattern near the prior range-bottom. With reversal candlesticks remaining absent for the pair the 1.0700 handle looks attainable.

USD/CAD: Set For Further Declines Following Break Of Range-Bottom

USD/CAD Key Support Cracks, Stage Set For Further Falls

Daily Chart - Created Using FXCM Marketscope 2.0

An examination of the four hour chart similarly reveals a notable absence of bullish signals. However a Doji offers an indication of hesitation from traders following the pair’s plunge in the recent trading.

USD/CAD: Doji Signals Indecision Following Plunge

USD/CAD Key Support Cracks, Stage Set For Further Falls

4 Hour Chart - Created Using FXCM Marketscope 2.0

By David de Ferranti, Market Analyst, DailyFX

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