USD/CAD Bulls Return As A Reversal Pattern Fails To Receive Confirmation
- 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
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
4 Hour Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
By David de Ferranti, Currency Analyst, DailyFX
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