USD/CAD Harami Hints At A Recovery Near Key Support
- USD/CAD Technical Strategy: Sidelines Preferred
- Harami hints at a recovery near 1.0700
- Dojis in intraday trade suggest fading upside momentum
USD/CAD has posted a Harami pattern on the daily near 1.0700, which may afford the pair a slight recovery. However, with former support-turned-resistance hanging nearby at 1.0810 the extent of a bounce may prove limited.
Daily Chart - Created Using FXCM Marketscope 2.0
An examination of the four hour chart reveals a Morning Star pattern, which set the stage for an intraday push higher for USD/CAD. However, with several Dojis already appearing, upside momentum appears to be fading for the pair.
4 Hour Chart - Created Using FXCM Marketscope 2.0
By David de Ferranti, Market Analyst, DailyFX
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