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USD/CAD Dark Cloud Cover May Struggle To Find Follow-Through

USD/CAD Dark Cloud Cover May Struggle To Find Follow-Through

David de Ferranti, Currency Analyst

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

USD/CAD Dark Cloud Cover May Struggle To Find 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

USD/CAD Dark Cloud Cover May Struggle To Find Follow-Through

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

By David de Ferranti, Currency Analyst, DailyFX

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