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USD/CAD Doji Emerging As Bulls Pause On Test Of Critical Ceiling

USD/CAD Doji Emerging As Bulls Pause On Test Of Critical Ceiling

David de Ferranti, Currency Analyst

Talking Points

  • USD/CAD Technical Strategy: Pending Long
  • Awaiting Clearance of 1.0980 To Open 1.1040
  • Emergence of A Doji Suggests Indecision

USD/CAD is struggling to clear the critical 1.0980 ceiling as the emergence of a Doji suggests hesitation by the bulls. While signs of indecision are emerging, key reversal patterns remain lacking. This casts some doubt over the potential for a correction. Buyers are likely step in to support the pair at the 1.0900 floor.

USD/CAD: Bulls Pause As Doji Emerge In Intraday Trade

USD/CAD Doji Emerging As Bulls Pause On Test Of Critical Ceiling

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

An early warning sign for an intraday pullback is being etched out on the four hour chart. A Bearish Engulfing formation is emerging, yet awaits the close of the current candle and a successive down-period to be confirmed.

USD/CAD: Bearish Engulfing Formation Being Etched Out In Intraday Trade

USD/CAD Doji Emerging As Bulls Pause On Test Of Critical Ceiling

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

By David de Ferranti, Currency Analyst, DailyFX

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