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USD/CAD Piercing Line Pattern Emerges Following Upswing

USD/CAD Piercing Line Pattern Emerges Following Upswing

2014-07-03 11:49:00
David de Ferranti, Currency Analyst
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Talking Points

  • USD/CAD Technical Strategy: Shorts Preferred
  • Absence of reversal signals casts doubt on bounce
  • December 2013 lows near 1.0560 in focus

USD/CAD has broken below the critical 1.0700 handle after a Harami pattern on the daily failed to find confirmation. With bullish signals now absent, doubt is cast on a possible recovery for the pair. The daily close below 1.0700 paves the way for a decline to the 1.0560 mark.

USD/CAD: Set To Extend Declines Following Close Below Support

USD/CAD Piercing Line Pattern Emerges Following Upswing

Daily Chart - Created Using FXCM Marketscope 2.0

An examination of the four hour chart reveals a Bearish Engulfing pattern near 1.7000 which signaled USD/CAD was set to resume its downward trajectory. With key reversal patterns absent in intraday trade a recovery appears doubtful.

USD/CAD: Recovery Doubtful With Bullish Patterns Absent

USD/CAD Piercing Line Pattern Emerges Following Upswing

4 Hour Chart - Created Using FXCM Marketscope 2.0

By David de Ferranti, Market Analyst, DailyFX

Follow David on Twitter: @Davidde

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