We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
EUR/USD
Bullish
GBP/USD
Mixed
USD/JPY
Mixed
Gold
Mixed
Oil - US Crude
Mixed
Bitcoin
Mixed
More View more
Breaking news

FOMC leaves rates unchanged as expected; SEPs show Fed to keep rates on hold through 2020

USD/CAD Struggles Sub 1.1000 With A Harami In Its Wake

USD/CAD Struggles Sub 1.1000 With A Harami In Its Wake

2014-09-18 10:23:00
David de Ferranti, Currency Analyst
Share:

Talking Points

  • USD/CAD Technical Strategy: Sidelines Preferred
  • Harami Confirmation Warns Of Short-Term Weakness
  • “False Breakout” Casts Risks Lower To 1.0854

USD/CAD is once again teasing traders at the 1.0980/1.1000 barrier with a Harami pattern in its wake. The key reversal pattern and daily close below the initial ‘breakout’ point warns of further short-term weakness for the pair. Yet within the context of a longer-term uptrend a pullback to the 1.0854 floor would be seen as a buying opportunity at this stage.

USD/CAD: Harami Delivers Drop Below “Breakout” Point

USD/CAD Struggles Sub 1.1000 With A Harami In Its Wake

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

An Evening Star formation on the four hour timeframe may warn of intraday correction for the pair. If confirmed by a successive down period a pullback may ensue to nearby buying support at the 1.0936 floor.

USD/CAD: Evening Star Awaiting Confirmation Near Intraday Resistance

USD/CAD Struggles Sub 1.1000 With A Harami In Its Wake

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

To receive David’s analysis directly via email, please sign up here.

Learn how to read candlesticks to help identify trading opportunities with the DailyFX Candlesticks Video Course.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES

News & Analysis at your fingertips.