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USD/CAD Propelled Beyond 1.1000 On The Back Of A Hammer Candlestick

USD/CAD Propelled Beyond 1.1000 On The Back Of A Hammer Candlestick

2014-09-23 06:20:00
David de Ferranti, Currency Analyst
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Talking Points

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

USD/CAD has breached the 1.1000 barrier after a Hammer formation left the pair with a bullish buttress. Yet some skepticism over the potential for a sustained ascent is warranted given its frustratingly choppy price action over recent weeks.

USD/CAD: Hammer Receives Confirmation Near 1.1000 Hurdle

USD/CAD Propelled Beyond 1.1000 On The Back Of A Hammer Candlestick

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

The four hour chart is already offering an early warning of a potential pullback for USD/CAD. A retreat below the 1.1016 floor would confirm an Evening Star candlestick formation and open a return to the 1.0936 mark.

USD/CAD: Evening Star Warns Of Intraday Weakness

USD/CAD Propelled Beyond 1.1000 On The Back Of A Hammer Candlestick

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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