USD/CAD Offers Range Trading Opportunities As Consolidation Continues
- 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.
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
4 Hour Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
By David de Ferranti, Market Analyst, DailyFX
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