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USD/CAD Vault Above 1.1220 Sees Bullish Pattern Emerge

USD/CAD Vault Above 1.1220 Sees Bullish Pattern Emerge

2014-11-03 05:13:00
David de Ferranti, Currency Analyst
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Talking Points

  • USD/CAD Technical Strategy: Sidelines Preferred
  • Bullish Reversal Signal Emerges After Rebound
  • Bulls Bush Past Shooting Star On H4 Chart

USD/CAD has vaulted back above the 1.1220 mark leaving a Bullish Engulfing formation in its wake. Confirmation of the reversal signal from a successive up-day would suggest a potential revisit of the 1.1380 peak. However, traders should be mindful of the pair’s recent tendency to violently whipsaw in intraday trade, suggesting a cautious approach is needed.

USD/CAD: Vault Over 1.1220 Sees Bullish Pattern Emerge

USD/CAD Vault Above 1.1220 Sees Bullish Pattern Emerge

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

The four hour chart also offers a somewhat encouraging bullish perspective on USD/CAD. The pair seemingly shrugged off a Shooting Star formation near 1.1265, which may signal the potential for a run towards 1.1370.

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

USD/CAD Vault Above 1.1220 Sees Bullish Pattern Emerge

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

By David de Ferranti, Currency Analyst, DailyFX

Follow David on Twitter: @DaviddeFe

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