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USD/CAD Tug-Of-War Endures As Dojis Signal Reluctance From Traders

USD/CAD Tug-Of-War Endures As Dojis Signal Reluctance From Traders

David de Ferranti, Currency Analyst

Talking Points

  • USD/CAD Technical Strategy: Sidelines Preferred
  • Dojis Indicate Reluctance From Traders
  • H4 Chart Lacking Clear Directional Signals

USD/CAD’s violent impulsive swings have persisted as a string of Dojis denotes a lack of conviction from traders. A more convincing daily close below the nearby 1.1220 mark would be required to warn of a correction for the pair, and would open a revisit of the 1.1100 floor.

USD/CAD: Dojis Suggest Indecision At 1.1220 Floor

USD/CAD Tug-Of-War Endures As Dojis Signal Reluctance From Traders

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 Tug-Of-War Endures As Dojis Signal Reluctance From Traders

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

By David de Ferranti, Currency Analyst, DailyFX

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