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USD/CAD Cautiously Eyes April Highs With Bearish Candlesticks Lacking

USD/CAD Cautiously Eyes April Highs With Bearish Candlesticks Lacking

2014-08-06 11:49:00
David de Ferranti, Currency Analyst
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Talking Points

  • USD/CAD Technical Strategy: Longs Preferred
  • Absence of Bearish Signals Suggests Gains May Continue
  • April Highs In Focus On Clearance Of 1.0960 Hurdle

USD/CAD has managed to edge above the 1.0960 target offered in recent reports, which may open the 1.1040 ceiling. With bearish reversal signals seemingly lacking at this point, the potential for a correction may be limited. Although some hesitation near overhanging resistance could slow the pair’s advance.

USD/CAD: Eyes Further Gains With Reversal Signals Absent

USD/CAD Cautiously Eyes April Highs With Bearish Candlesticks Lacking

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. An absence of bearish reversal patterns casts doubt on a pullback. However, several short body sessions also suggest some caution amongst traders to lead the pair higher.

USD/CAD: Bulls Tread Cautiously On Clearance Of 1.0960

USD/CAD Cautiously Eyes April Highs With Bearish Candlesticks Lacking

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

By David de Ferranti, Currency Analyst, DailyFX

Follow David on Twitter: @Davidde

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