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USD/CAD Threatens Break Above Range-Top With Bearish Candles Lacking

USD/CAD Threatens Break Above Range-Top With Bearish Candles Lacking

2014-09-09 11:49:00
David de Ferranti, Currency Analyst
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Talking Points

  • USD/CAD Technical Strategy: Sidelines Preferred
  • Awaiting Break Of Narrow Trading Band For Fresh Positioning
  • Caution Warranted Given Recent Tendency For Wild Swings

USD/CAD is once again teasing at a break of the psychologically-significant 1.1000 barrier with bearish signals absent. A daily close above the noteworthy hurdle would suggest the potential for a charge towards the 1.1040 ceiling. Yet traders should be mindful of the pair’s tendency to whipsaw in recent trade, which warrants a cautious approach to trading a breakout.

USD/CAD: Awaiting Daily Close To Offer Breakout Confirmation

USD/CAD Threatens Break Above Range-Top With Bearish Candles Lacking

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

Signs of hesitation from the bulls are emerging in intraday trade as a Dark Cloud Cover formation begins to take shape. Yet the key reversal pattern awaits confirmation from the close of the current candle and a successive down-period. A pullback is likely to see buying interest renewed at former resistance-turned-support near the 1.0943 barrier.

USD/CAD: Warning Signs Emerging In Intraday Trade

USD/CAD Threatens Break Above Range-Top With Bearish Candles Lacking

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

By David de Ferranti, Currency Analyst, DailyFX

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