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USD/CAD At A Key Barrier As Doji Ensemble Denotes Indecision

USD/CAD At A Key Barrier As Doji Ensemble Denotes Indecision

David de Ferranti, Currency Analyst

Talking Points

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

USD/CAD continues to keep traders in suspense near the critical 1.220 barrier as a pair of Dojis highlights hesitation. The daily close above the floor is a supportive sign, yet the violent intraday swings suggests caution is needed when looking to adopt fresh positioning.

USD/CAD: Dojis Suggest Indecision At 1.1220 Floor

USD/CAD At A Key Barrier As Doji Ensemble Denotes Indecision

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 At A Key Barrier As Doji Ensemble Denotes 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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