News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
USD/CAD Offers Range Trading Opportunities As Consolidation Continues

USD/CAD Offers Range Trading Opportunities As Consolidation Continues

David de Ferranti, Currency Analyst

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

Follow David on Twitter: @Davidde

To receive David’s analysis directly via email, please sign up here.

Learn how to read candlesticks to help identify trading opportunities with the DailyFX Candlesticks Video Course.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES