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  • The USD is holding onto 90.50 following Friday’s adjustment in positioning. The main event this week is the FOMC monetary policy meeting and while no policy changes are expected. Get your market update from @JMcQueenFX here:https://t.co/xEAM7MguYi https://t.co/IvE5hQBtek
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USD/CAD Bullish Reversal Signal Leaves The Spotlight On Recent Highs

USD/CAD Bullish Reversal Signal Leaves The Spotlight On Recent Highs

David de Ferranti, Currency Analyst

Talking Points

  • USD/CAD Technical Strategy: Sidelines Preferred
  • Hammer Formation Puts The Spotlight On 1.0980
  • Eyes On Intraday Trade For Hints At A Correction

USD/CAD has been propelled higher in recent trade following the appearance of a bullish reversal signal near 1.0850. A Hammer formation and climb over the 1.0900 barrier casts the spotlight on the pair’s recent highs near 1.0980.

USD/CAD: Hammer Heralded Return of The Bulls

USD/CAD Bullish Reversal Signal Leaves The Spotlight On Recent Highs

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 USD/CAD. However, warning signs of an intraday correction are emerging for the pair as Bearish Engulfing pattern forms. A close the current candle and successive down-period would set the stage for a retest of the psychologically-significant 1.0900 handle.

USD/CAD: Eyeing Intraday Trade For Early Indications Of A Correction

USD/CAD Bullish Reversal Signal Leaves The Spotlight On Recent Highs

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

By David de Ferranti, Currency Analyst, DailyFX

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