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USD/CAD Retests Critical Barrier After Bearish Pattern Falls Flat

USD/CAD Retests Critical Barrier After Bearish Pattern Falls Flat

2014-10-31 07:32:00
David de Ferranti, Currency Analyst
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Talking Points

  • USD/CAD Technical Strategy: Sidelines Preferred
  • Downside Risks Remain While Sub 1.1220
  • Bearish Reversal Signals Lacking In Intraday Trade

USD/CAD’s retest of the 1.1220 barrier leaves the pair at a critical juncture. A climb above the nearby ceiling would negate a Bearish Engulfing pattern and turn the risks higher for a potential revisit of 1.1380. Yet while below the key hurdle there remains the possibility of a deeper pullback to the 1.1100 floor.

USD/CAD: Whipsaws Leave Bearish Pattern Lacking Confirmation

USD/CAD Retests Critical Barrier After Bearish Pattern Falls Flat

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

The four hour chart appears more constructive than the daily with a void of bearish signals suggesting the potential for intraday gains. However, given the context on the daily the extent of an advance may be limited by the nearby 1.1220/5 barrier.

USD/CAD: Absence Of Bearish Signals Opens Prospect Of Intraday Gains

USD/CAD Retests Critical Barrier After Bearish Pattern Falls Flat

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

By David de Ferranti, Currency Analyst, DailyFX

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