USD/CAD Awaiting Confirmation Of Bearish Signal Near 1.0800
- 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.
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
4 Hour Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
By David de Ferranti, Currency Analyst, DailyFX
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