USD/CAD Key Support Cracks, Stage Set For Further Falls
- 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.
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
4 Hour Chart - Created Using FXCM Marketscope 2.0
By David de Ferranti, Market Analyst, DailyFX
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