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USD/CAD Sets Sights Higher With Reversal Candlesticks Lacking

USD/CAD Sets Sights Higher With Reversal Candlesticks Lacking

David de Ferranti, Currency Analyst

Talking Points

  • USD/CAD Technical Strategy: Longs Preferred
  • Absence of Reversal Signals Opens Further Gains
  • Sights Turn To 2014 High Following Breach Of 1.11

USD/CAD has continued its journey higher with a lack of reversal candlesticks keeping the focus on the 2014 high near 1.1270. A slide back under the 1.1100 barrier would be required to warn of a correction for the pair.

USD/CAD: Break Of 1.1100 May Open Next Leg Higher To 1.1270

USD/CAD Sets Sights Higher With Reversal Candlesticks Lacking

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

The four hour chart reveals a Bearish Engulfing pattern in the making near 1.1175. However, critically the formation awaits the close of the current candle and a successive down period to be validated. Intraday buying support appears evident at the 1.1145 mark.

USD/CAD: Bearish Engulfing Formation Takes Shape

USD/CAD Sets Sights Higher With Reversal Candlesticks Lacking

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

By David de Ferranti, Currency Analyst, DailyFX

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