USD/CAD Retests 1.0900 As Hammer Delivers Drive Higher
- USD/CAD Technical Strategy: Sidelines Preferred
- Hammer Delivers Retest Of The 1.0900 Barrier
- Daily Close Above 1.0900 To Open 1.0980
USD/CAD has mounted another assault on the 1.0900 handle, which follows the emergence of a Hammer formation. A daily close above the psychologically-significant handle could prompt a run on the recent highs near 1.0980.
USD/CAD: Hammer Heralded Return of The Bulls
Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
A Bullish Engulfing formation offered an early indication of an imminent bounce for USDCAD. The key reversal pattern leaves the spotlight on intraday resistance at the 1.0900 ceiling.
USD/CAD: Bullish Engulfing Formation Signaled An Intraday Bounce
4 Hour Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
By David de Ferranti, Currency Analyst, DailyFX
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