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USD/CAD Tests Critical Barrier As Intraday Dojis Denote Indecision

USD/CAD Tests Critical Barrier As Intraday Dojis Denote Indecision

David de Ferranti, Currency Analyst

Talking Points

  • USD/CAD Technical Strategy: Sidelines Preferred
  • Doji Candlestick Indicated Reluctance From The Bulls
  • H4 Chart Highlights Indecision Near the 1.1220 Floor

USD/CAD is at a critical juncture as it probes below the 1.1220 floor after a Doji signaled reluctance from the bulls to lead the pair. A daily close under the barrier may be the precursor to a deeper setback. Yet it’s susceptibility to intraday whipsaws suggests caution is warranted when adopting fresh positioning.

USD/CAD: Doji Suggested Indecision Near Recent Peaks

USD/CAD Tests Critical Barrier As Intraday Dojis Denote Indecision

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

The four hour chart highlights the extent of hesitation from traders near the 1.1215/20 barrier. A parade of Dojis does little to offer a clear directional bias over the session ahead. A close below the nearby floor would be required to warn of a more significant correction. .

USD/CAD: Intraday Dojis Highlight Indecision Near Noteworthy Floor

USD/CAD Tests Critical Barrier As Intraday Dojis Denote Indecision

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

By David de Ferranti, Currency Analyst, DailyFX

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