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USD/CAD Setback May Prove Short-Lived With Bearish Candles Missing

USD/CAD Setback May Prove Short-Lived With Bearish Candles Missing

David de Ferranti, Currency Analyst

Talking Points

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

USD/CAD’s ascent has encountered some turbulence which may prove transitory with a void of bearish reversal signals in its wake. This keeps the 2014 high near 1.1270 in focus. A slide back under the 1.1100 barrier would be required to warn of a correction for the pair.

USD/CAD: Loses Steam After Leaping Over 1.1100 Hurdle

USD/CAD Setback May Prove Short-Lived With Bearish Candles Missing

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

The four hour chart reveals some ‘messy’ intraday price action within the 1.1135 and 1.1175 trading band. While a Hanging Man had warned of a potential correction, it failed to find significant follow-through. This leaves a break of the recent range desired in order to offer a clearer directional bias.

USD/CAD: Awaiting Break From Intraday Congestion

USD/CAD Setback May Prove Short-Lived With Bearish Candles Missing

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

By David de Ferranti, Currency Analyst, DailyFX

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