USD/CAD 1.0960 Target Draws Nearer With Bearish Candlesticks Lacking
- USD/CAD Technical Strategy: Longs Preferred
- Absence of Bearish Signals Suggests Gains May Continue
- Daily Close Above Nearby Resistance To Open 1.1040
USD/CADremains on the path to the 1.0960 target offered in recent candlesticks reports with bearish signals remaining absent. A daily close above the nearby barrier could generate a push to the April highs near 1.1040.
USD/CAD: 1.0960 Target Draws Nearer With Reversal Signals Absent
Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
A similar narrative to the daily is evident on the four hour timeframe after a Bearish Engulfing formation failed to find validation from an ensuing down-period. This casts doubt on a potential correction for the pair over the session ahead. A retreat below the 1.0870 floor would be required to shift the immediate risk to the downside.
USD/CAD: Eyeing Further Gains As Bearish Engulfing Formation Fails To Find Confirmation
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.