USD/CAD Bulls Regain Their Grip Near Critical 1.1220 Floor
- USD/CAD Technical Strategy: Sidelines Preferred
- Bulls Return Following Respect Of The 1.220 Floor
- H4 Chart Lacking Clear Directional Signals
The USD/CAD bulls appear to be regaining some confidence after a pair of Dojis suggested some indecision from traders near the 1.1220 floor. A bullish reversal signal would help suggest the potential for a sustained advance towards the 1.1380 peaks. In the alternative scenario; a more convincing daily close below the nearby 1.1220 mark would warn of a correction towards 1.1100.
USD/CAD: Dojis Suggested 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
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