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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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