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USD/CAD Awaiting Confirmation Of Bearish Signal Near 1.0800

USD/CAD Awaiting Confirmation Of Bearish Signal Near 1.0800

David de Ferranti, Currency Analyst

Talking Points

  • USD/CAD Technical Strategy: Sidelines Preferred
  • Retreat from 1.0800 produces Shooting Star formation
  • Resistance-turned-support at 1.0700 in focus again

USD/CAD’s pullback from the upside target of 1.0810 (offered in recent reports) has yielded a Shooting Star candlestick. However, given the close proximity of current prices to key support at 1.0700, a break lower would be required create a downward bias for the pair.

USD/CAD: Shooting Star Emerges On Test Of Resistance

USD/CAD Awaiting Confirmation Of Bearish Signal Near 1.0800

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

A glance at the four hour chart reveals signs of hesitation from the bears to push USD/CAD lower. However, bullish patterns remain absent, which casts some doubt on the potential for a recovery over the session ahead.

USD/CAD: Dojis Highlight Hesitation, Yet Bullish Patterns Lacking

USD/CAD Awaiting Confirmation Of Bearish Signal Near 1.0800

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

By David de Ferranti, Currency Analyst, DailyFX

Follow David on Twitter: @Davidde

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