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USD/CAD Awaits Break Above 1.1380 Amid Absence Of Reversal Signals

USD/CAD Awaits Break Above 1.1380 Amid Absence Of Reversal Signals

David de Ferranti, Currency Analyst

Talking Points

  • USD/CAD Technical Strategy: Pending Long
  • Bullish Engulfing Pattern Delivers Revisit Of 1.1380
  • Monitoring The H4 Chart As An Evening Star Emerges

USD/CAD has rocketed back to the 1.1380 peak after a Bullish Engulfing pattern offered positive cues for the pair. Amid an absence of bearish reversal signals, clearance of the nearby ceiling could open some significant room to the July 2009 high near 1.1720.

USD/CAD: Achieves 1.1380 Target Following Bullish Pattern

USD/CAD Awaits Break Above 1.1380 Amid Absence Of Reversal Signals

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

The four hour chart should be closely monitored for early warning signs of a potential pullback from the 1.1370/80 barrier. Already an Evening Star formation appears to be emerging. If confirmed by the close of the current candle and an ensuing down-period it could warn of an intraday pullback for the pair.

USD/CAD: Monitoring H4 Chart As Evening Star Rises

USD/CAD Awaits Break Above 1.1380 Amid Absence Of Reversal Signals

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

By David de Ferranti, Currency Analyst, DailyFX

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