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USD/CAD Faces Make-Or-Break Moment As Reversal Pattern Emerges

USD/CAD Faces Make-Or-Break Moment As Reversal Pattern Emerges

2014-07-08 11:49:00
David de Ferranti, Currency Analyst
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Talking Points

  • USD/CAD Technical Strategy: Sidelines Preferred
  • Morning Starpattern awaiting confirmation
  • 1.0700 continues to hold as key resistance

USD/CAD is set for a make-or-break session as the pair awaits confirmation of a Morning Star pattern on the daily. Follow-through from a successive up-day and break above 1.0700 would offer a bullish reversal signal, and pave the way for a recovery to 1.0810.

USD/CAD: Key Reversal Pattern Awaiting Confirmation

USD/CAD Faces Make-Or-Break Moment As Reversal Pattern Emerges

Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here

An examination of the four hour chart reveals a Bullish Engulfing candlestick formation which yielded an intraday recovery for USD/CAD. While resistance looms nearby at 1.0700 a bearish reversal pattern remains absent, which casts doubt on the potential for a pullback.

USD/CAD: Bullish Engulfing Pattern Yields Short-Lived Recovery

USD/CAD Faces Make-Or-Break Moment As Reversal Pattern Emerges

4 Hour Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here

By David de Ferranti, Market Analyst, DailyFX

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