USD/CAD Probes Above 1.1100 Ceiling As Shooting Star Discounted
- USD/CAD Technical Strategy: Sidelines Preferred
- Shooting Star Candlestick Emerges Near 1.1100 Barrier
- Sustained Advance Questionable Amid Choppy Price Action
USD/CAD continues to tease at a break beyond the 1.1100 ceiling as traders look past a Shooting Star 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. A Doji is taking shape, which indicates indecision, yet it is not considered a key reversal candlestick. As such awaiting a more constructive setup to present itself is preferred before adopting fresh positioning.
USD/CAD: Doji Highlights 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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