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USD/CAD At A Critical Juncture With Bullish Candlesticks Lacking

USD/CAD At A Critical Juncture With Bullish Candlesticks Lacking

2014-10-09 07:29:00
David de Ferranti, Currency Analyst
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Talking Points

  • 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

USD/CAD At A Critical Juncture With Bullish Candlesticks Lacking

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

USD/CAD At A Critical Juncture With Bullish 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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