USD/CAD At A Critical Juncture With Bullish Candlesticks Lacking
- USD/CAD Technical Strategy: Sidelines Preferred
- Bullish Reversal Signals Absent At Critical Floor
- Close Below 1.1100 Required To Warn Of A Top
USD/CAD is at a crossroads as the pair probes below the 1.1100 floor with a Bearish Engulfing candlestick pattern its wake. A daily close below the 1.1100 barrier would be required to warn of a deeper setback to buying interest at the 1.1040 mark.
USD/CAD: Teases Traders At The 1.1100 Barrier
Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
The four hour chart reveals some indecision from traders near the 1.1100 barrier as donated by a string of short body candles. However, with an absence of bullish reversal signals a recovery over the session ahead may prove difficult.
USD/CAD: Short Body Candles Highlight Hesitation At 1.1100
4 Hour Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
By David de Ferranti, Currency Analyst, DailyFX
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