USD/CAD Tug-Of-War Endures As Dojis Signal Reluctance From Traders
- 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
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
4 Hour Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
By David de Ferranti, Currency Analyst, DailyFX
Follow David on Twitter: @Davidde
To receive David’s analysis directly via email, please sign up here.
Learn how to read candlesticks to help identify trading opportunities with the DailyFX Candlesticks Video Course.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.