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USD/CAD Bearish Pattern Awaits Validation To Warn Of Deeper Pullback

USD/CAD Bearish Pattern Awaits Validation To Warn Of Deeper Pullback

2014-10-29 04:56:00
David de Ferranti, Currency Analyst
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Talking Points

  • USD/CAD Technical Strategy: Sidelines Preferred
  • Pullback Sees A Bearish Engulfing Pattern Emerge
  • H4 Chart Reveals Bullish Signal Lacking Confirmation

The USD/CAD bulls appear to have lost their grip on the pair after struggling to hang onto the 1.1200 mark. The recent pullback has left a Bearish Engulfing formation in its path, which awaits confirmation from a successive down-day. Validation would warn of a deeper setback towards the psychologically-significant 1.1100 handle.

USD/CAD: Bearish Engulfing Pattern Warns Of A Deeper Setback

USD/CAD Bearish Pattern Awaits Validation To Warn Of Deeper Pullback

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

The four hour chart reveals some intraday buying interest at the 1.1160 mark, which has prompted the emergence of a Harami formation. However, the bullish reversal signal lacks confirmation at this stage – casting doubt on a potential recovery over the session ahead.

USD/CAD: Recovery Questionable As Harami Lacks Confirmation

USD/CAD Bearish Pattern Awaits Validation To Warn Of Deeper Pullback

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

By David de Ferranti, Currency Analyst, DailyFX

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