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USD/CAD Bullish Signal Awaits Confirmation Near 1.1000 Hurdle

USD/CAD Bullish Signal Awaits Confirmation Near 1.1000 Hurdle

David de Ferranti, Currency Analyst

Talking Points

  • USD/CAD Technical Strategy: Sidelines Preferred
  • Hammer Candlestick Emerges Near The 1.1000 Barrier
  • Recovery Questionable Amid Choppy Price Action

USD/CAD continues to keep traders in suspense near the 1.1000 hurdle with a Hammer formation awaiting confirmation. An ensuing up-day and daily close above the nearby barrier may open a further recovery for the pair. Yet some skepticism over the potential for a sustained ascent is warranted given its frustratingly choppy price action over recent weeks.

USD/CAD: Hammer Awaits Confirmation Near 1.1000 Hurdle

USD/CAD Bullish Signal Awaits Confirmation Near 1.1000 Hurdle

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

The four hour chart tells a similar narrative to the daily. Volatile price action has left a trail of candlestick patterns that have received little attention over the past week. This suggests some caution is needed when interpreting the Morning Star formation that is taking shape in intraday trade.

USD/CAD: Morning Star Takes Shape, Yet Follow-Through May Prove Difficult

USD/CAD Bullish Signal Awaits Confirmation Near 1.1000 Hurdle

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

By David de Ferranti, Currency Analyst, DailyFX

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