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USD/CAD Bulls Regain Their Grip Near Critical 1.1220 Floor

USD/CAD Bulls Regain Their Grip Near Critical 1.1220 Floor

2014-10-28 03:35:00
David de Ferranti, Currency Analyst
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Talking Points

  • 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

USD/CAD Bulls Regain Their Grip Near Critical 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

USD/CAD Bulls Regain Their Grip Near Critical 1.1220 Floor

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

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