USD/CAD Dojis Denote Indecision Following Retreat Below 1.1270
- USD/CAD Technical Strategy: Sidelines Preferred
- Dark Cloud Cover Emerges After Dramatic Pullback
- Doji Highlights Reluctance From Traders On H4 Chart
USD/CAD traders appear indecisive on the pair as denoted by a Long-Legged Doji candlestick near 1.1270. This does little to confirm the Dark Cloud Cover pattern that emerged after a ‘false breakout’. A deeper correction is likely to find buying interest renewed at 1.1100 floor.
USD/CAD: Retreat Indicates ‘False Breakout’
Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
The four hour chart tells a similar narrative to the daily. A procession of Dojis highlights the hesitation from traders to swing the CAD in one direction. This leaves a more constructive setup desired to offer a clearer directional bias.
USD/CAD: Dojis Denote Indecision 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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