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USD/CAD At A Crossroads With A Bearish Signal In Its Wake

USD/CAD At A Crossroads With A Bearish Signal In Its Wake

David de Ferranti, Currency Analyst

Talking Points

  • USD/CAD Technical Strategy: Sidelines Preferred
  • Shooting Star Offers Bearish Signal Near Range-Top
  • Awaiting Break Of Narrow Range For Fresh Positioning

USD/CAD is once again teasing traders near the 1.1000 barrier. With a Shooting Star in its wake the risk of a correction remains. A pullback would likely be met by buying interest at the 1.0854 floor. Whereas a daily close above the 1.1000 ceiling would set the stage for a run on 1.1040. As noted in recent reports; traders should be mindful of the pair’s tendency to whipsaw, which warrants a cautious approach to trading an upside breakout.

USD/CAD: Remains At A Critical Juncture Near 1.1000

USD/CAD At A Crossroads With A Bearish Signal In Its Wake

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

The four hour chart paints a mixed picture as reversal signals emerge amid choppy trading conditions. The latest such pattern (a Piercing Line formation) may struggle to find follow-through with intraday resistance looming nearby at 1.1000.

USD/CAD: Choppy Trading Leaves Mixed Signals

USD/CAD At A Crossroads With A Bearish Signal In Its Wake

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

By David de Ferranti, Currency Analyst, DailyFX

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