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USD/CAD Retests 1.0900 As Hammer Delivers Drive Higher

USD/CAD Retests 1.0900 As Hammer Delivers Drive Higher

2014-09-02 11:49:00
David de Ferranti, Currency Analyst
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Talking Points

  • 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

USD/CAD Retests 1.0900 As Hammer Delivers Drive Higher

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

USD/CAD Retests 1.0900 As Hammer Delivers Drive Higher

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

By David de Ferranti, Currency Analyst, DailyFX

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