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USD/CAD Rebounds After Doji Signaled Bears Were Lacking Conviction

USD/CAD Rebounds After Doji Signaled Bears Were Lacking Conviction

2014-10-23 04:05:00
David de Ferranti, Currency Analyst
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Talking Points

  • USD/CAD Technical Strategy: Sidelines Preferred
  • Doji Candlestick Indicated Reluctance From Traders
  • H4 Chart Lacking Clear Directional Signals

USD/CAD is edging cautiously higher after a Doji suggested the bears were lacking conviction near the 1.1220 floor. The daily close above the barrier is a supportive sign, yet the violent intraday swings suggests caution is needed when looking to adopt fresh positioning.

USD/CAD: Doji Suggested Indecision At 1.1220 Floor

USD/CAD Rebounds After Doji Signaled Bears Were Lacking Conviction

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

The extent of USD/CAD’s wild intraday whipsaws is evident on the four hour chart. This choppy price action detracts from the forecasting potential of candlesticks and leaves a clear directional bias lacking.

USD/CAD: Violent Intraday Swings Leaves Clear Bias Lacking

USD/CAD Rebounds After Doji Signaled Bears Were Lacking Conviction

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

By David de Ferranti, Currency Analyst, DailyFX

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