News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
EUR/USD
Mixed
Oil - US Crude
Bearish
Wall Street
Mixed
Gold
Mixed
GBP/USD
Mixed
USD/JPY
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • Commodities Update: As of 07:00, these are your best and worst performers based on the London trading schedule: Gold: -0.15% Silver: -0.30% Oil - US Crude: -0.61% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/EoU23OHkkK
  • Forex Update: As of 07:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.30% 🇬🇧GBP: 0.17% 🇯🇵JPY: 0.15% 🇨🇭CHF: -0.01% 🇪🇺EUR: -0.04% 🇨🇦CAD: -0.05% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/4Dr4Fb5iTz
  • $USDJPY Rebound Fades On Renewed Stimulus Optimism, Vaccine Progress #USD $JPY https://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/euro_open/2020/09/28/USDJPY-Rebound-Fades-On-Renewed-Stimulus-Optimism-Vaccine-Progress.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Moss&utm_campaign=twr https://t.co/AvIiXSQT75
  • Traders utilize varying time frames to speculate in the forex market. The two most common are long- and short-term-time frames which transmits through to trend and trigger charts. Learn more about time-frame analysis here: https://t.co/UalZ8cRSXB https://t.co/rutYHpQcmy
  • Indices Update: As of 07:00, these are your best and worst performers based on the London trading schedule: France 40: 1.63% Germany 30: 1.59% FTSE 100: 1.29% Wall Street: 0.70% US 500: 0.63% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/UnrjjfCXtF
  • Lately, capital has been flowing out of #EmergingMarkets and #ASEAN economies, pushing the US Dollar higher against their respective currencies Will this trend continue this week? Check out my latest fundamental outlook here - https://www.dailyfx.com/forex/fundamental/article/special_report/2020/09/28/US-Dollar-Rose-Capital-Fled-Emerging-Markets-SGD-IDR-PHP-MYR-at-Risk.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/iyFPD664Cb
  • It’s important for traders to be familiar with FX spreads as they are the primary cost of trading currencies. Understand a pair's spread here: https://t.co/S9CEcBm5Qe https://t.co/VNQpG1CUVM
  • $AUDUSD price action strikingly similar to that seen in 2002 - Break above the 1997 downtrend ignited a 106% surge, eventually peaking in July 2008 (0.9850) - Consolidation above downtrend preceded upside push - Bullish RSI divergence appears to signal cyclical upturn https://t.co/j3IumVbAlB
  • Heads Up:🇯🇵 Leading Economic Index Final (JUL) due at 05:00 GMT (15min) Expected: 86.9 Previous: 83.8 https://www.dailyfx.com/economic-calendar#2020-09-28
  • Heads Up:🇯🇵 Coincident Index Final (JUL) due at 05:00 GMT (15min) Expected: 76.2 Previous: 74.4 https://www.dailyfx.com/economic-calendar#2020-09-28
USD/CAD Rebound From 1.1100 Produces Bullish Candlestick Pattern

USD/CAD Rebound From 1.1100 Produces Bullish Candlestick Pattern

2014-10-10 07:12:00
David de Ferranti, Currency Analyst
Share:

Talking Points

  • USD/CAD Technical Strategy: Sidelines Preferred
  • Bullish Engulfing Pattern Emerges At Critical Floor
  • Confirmation Of Reversal Signal To Open .1.1270

USD/CAD’s bounce off the 1.1100 floor has left a Bullish Engulfing formation in its wake. The key reversal candlestick pattern may herald an advance on the 1.1270 mark if confirmed by a successive up-day. Yet amid volatile and ‘messy’ price action a clean run higher may prove a challenging feat for the pair. In the alternative scenario, 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: Receives Lift-Off From 1.1100 Barrier

USD/CAD Rebound From 1.1100 Produces Bullish Candlestick Pattern

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

The four hour chart paints a less encouraging picture than the daily. A medley of short body candles suggests a lack of momentum following the rebound from 1.1100. Yet with bearish reversal patterns absent a correction over the session ahead is questionable.

USD/CAD: Short Body Candles Suggest Fading Upside Momentum

USD/CAD Rebound From 1.1100 Produces Bullish Candlestick Pattern

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

By David de Ferranti, Currency Analyst, DailyFX

Follow David on Twitter: @Davidde

To receive David’s analysis directly via email, please sign up here.

Learn how to read candlesticks to help identify trading opportunities with the DailyFX Candlesticks Video Course.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES