USD/CAD Dojis Denote Deliberation Near Critical 1.0900 Floor
- USD/CAD Technical Strategy: Sidelines Preferred
- Dojis Signal Hesitation Near The 1.0900 Barrier
- Daily Close Below 1.09 Required To Open 1.0810
USD/CAD remains buoyant above the 1.0900 handle as several Doji formations suggests hesitation from the bears to lead the pair lower. A retreat under the 1.0900 floor would be required to cast the immediate risk lower and setup a test of the 1.0810 mark. However, at this stage signs of an uptrend remain intact for the pair, which suggests the possibility for a retest of the recent highs should not be neglected.
USD/CAD: Dojis Highlight Hesitation Near The 1.0900 Barrier
Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
Scrutinizing the four hour chart reveals several Doji formations near the psychologically-significant 1.0900 handle. While not key reversal patterns the candlesticks suggest selling pressure on the pair may have eased. Similarly to the daily, this indicates the potential for a retest of the recent highs.
USD/CAD: At A Crossroads Near Critical Support
4 Hour Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
By David de Ferranti, Currency Analyst, DailyFX
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