USD/CAD Hammer Keeps Recovery Hopes Alive Above 1.0850
- USD/CAD Technical Strategy: Sidelines Preferred
- Hammer May Find Limited Follow-Through
- H4 Chart Hinted At An Intraday Rebound
USD/CAD has been offered a source of hope from a Hammer formation on the daily. Yet traders should be mindful of the pair’s tendency to whipsaw in intraday trade and the lack of follow-through witnessed for recent signals.
USD/CAD: Bullish Pattern May Struggle To See Follow-Through
Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
The four hour chart offered an early indication of a potential intraday recovery for USD/CAD. A Harami pattern suggests the potential for a retest of the recent highs near 1.0943. However, again some caution in playing a bounce is warranted given the potential for significant intraday swings as has been witnessed in recent trade.
USD/CAD: Harami Hints At An 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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