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Breaking news

Bank of England Tapers QE Purchases, leaves Bank Rate & APF Target Unchanged

USD/CAD Bulls Return As A Reversal Pattern Fails To Receive Confirmation

USD/CAD Bulls Return As A Reversal Pattern Fails To Receive Confirmation

David de Ferranti, Currency Analyst

Talking Points

  • USD/CAD Technical Strategy: Sidelines Preferred
  • Bearish Pattern Fails To Find Confirmation
  • Sights Set On Recent Highs Near 1.1270

USD/CAD’s recent rebound has left a Bearish Engulfing formation lacking confirmation. This is in turn leaves the pair’s sights set on the recent highs near 1.1270. A daily close below the 1.1100 barrier would be required to negate a bullish technical bias.

USD/CAD: Bearish Engulfing Formation Fails To Receive Confirmation

USD/CAD Bulls Return As A Reversal Pattern Fails To Receive Confirmation

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

A sea of Doji candlesticks suggests indecision in intraday trade. An upside break from the recent narrow trading band would be required to open an advance on the 1.1265 ceiling.

USD/CAD: Dojis Highlight Hesitation In Intraday Trade

USD/CAD Bulls Return As A Reversal Pattern Fails To Receive Confirmation

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

By David de Ferranti, Currency Analyst, DailyFX

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