Talking Points
- USD/CAD Technical Strategy: Sidelines Preferred
- Doji Suggests Hesitation From Traders Near 1.0854 Support
- Awaiting Break Of Narrow Trading Band For Clearer Signals
USD/CAD continues to tantalize traders near noteworthy support as a Doji indicates indecision. Recent price action has been messy at best and misleading at worst with several reversal signals failing to find follow-through. This suggests awaiting a break of the 1.0850 to 1.0980 range may be the most prudent course of action before adopting fresh positioning.
USD/CAD: Doji Denotes Indecision Near 1.0850 Floor
Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
The four hour chart offers a clearer picture at the intraday choppiness that has plagued USD/CAD. Several short body candles do little to inspire confidence in the potential for a sustained recovery for the pair. Selling interest is likely to be renewed at the 1.0943 mark.
USD/CAD: Left Lacking Directional Signals
4 Hour Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
By David de Ferranti, Currency Analyst, DailyFX
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