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USD/CAD Sideways Drift Continues As A Doji Denotes Indecision

USD/CAD Sideways Drift Continues As A Doji Denotes Indecision

2014-09-08 07:07:00
David de Ferranti, Currency Analyst
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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

USD/CAD Sideways Drift Continues As A Doji Denotes Indecision

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

USD/CAD Sideways Drift Continues As A Doji Denotes Indecision

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

By David de Ferranti, Currency Analyst, DailyFX

Follow David on Twitter: @Davidde

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