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USD/CAD Offers Range Trading Opportunities As Consolidation Continues

USD/CAD Offers Range Trading Opportunities As Consolidation Continues

2014-07-22 11:49:00
David de Ferranti, Currency Analyst
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Talking Points

  • USD/CAD Technical Strategy: Sidelines Preferred
  • Absence of key reversal patterns suggests consolation to continue
  • Buying support rests at 1.0700, resistance overhead at 1.0810

USD/CAD’s recent consolidation alongside an absence of key reversal candlesticks suggests there may be some potential for short-term range trading. A break outside the 1.0700 to 1.0810 corridor would be required to offer a definitive technical bias.

USD/CAD: Looking To Play The Range As Consolidation Continues

USD/CAD Offers Range Trading Opportunities As Consolidation Continues

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

The four hour chart may afford more finely tuned entries into USD/CAD’s range. The emergence of a bearish candlestick formation near 1.0766 would be seen as an opportunity enter short with a target of intraday support near 1.0725.

USD/CAD: Awaiting Signals To Enter Range

USD/CAD Offers Range Trading Opportunities As Consolidation Continues

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

By David de Ferranti, Market Analyst, DailyFX

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