Talking Points
- USD/CAD Technical Strategy: Sidelines Preferred
- Dark Cloud Cover Left Awaiting Confirmation
- H4 Chart Hints At An Intraday Rebound
USD/CAD’s whipsaw has left a Dark Cloud Cover pattern in its wake. The bearish reversal signal may warn of weakness if confirmed by a successive down-day. Yet with strong buying interest likely to emerge at 1.0854, the downside may prove limited.
USD/CAD: Bearish Pattern May Struggle To See Follow-Through
Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
The four hour chart has already offered an indication of a potential intraday recovery for USD/CAD. A Harami pattern and probe above 1.0900 suggests the potential for a retest of the recent highs near 1.0943. Traders should be mindful of the potential for significant intraday swings as has been witnessed in recent trade.
USD/CAD: Harami Hints At Intraday Recovery To 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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