USD/CAD At A Critical Juncture With A Bullish Candlestick In Its Wake
- USD/CAD Technical Strategy: Sidelines Preferred
- Hammer Candlestick Emerges Near The 1.1000 Barrier
- Sustained Advance Questionable Amid Choppy Price Action
USD/CAD is teasing at a push past the 1.1100 ceiling after being propelled higher by a Hammer formation on the daily. A daily close above the nearby barrier may open a climb towards the 1.1270 hurdle. Yet some skepticism over the potential for a sustained ascent is warranted given the pair’s frustratingly choppy price action over recent weeks.
USD/CAD: Break Of 1.1100 May Open Next Leg Higher To 1.1270
Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
The four hour chart is signaling hesitation amongst the bulls near the 1.1095 mark. An ensemble of Doji candlesticks indicates indecision, yet they are not considered key reversal formations. As such awaiting a more constructive setup to present itself is preferred before adopting fresh positioning.
USD/CAD: Dojis Highlight Hesitation Near Intraday Resistance
4 Hour Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
By David de Ferranti, Currency Analyst, DailyFX
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