USD/CAD Vaults Above Critical Hurdle With Bearish Signals Lacking
- USD/CAD Technical Strategy: Longs Preferred
- Absence Of Bearish Reversal Signals Opens Further Gains
- Hanging Man On H4 Chart Lacking Confirmation
USD/CAD has cleared the critical 1.1380 hurdle with a void of bearish reversal signals opening the potential for further gains. This casts the spotlight on the next definitive level near the July 2009 high near 1.1720. To negate a bullish bias a close below the former resistance (now support) level would be required.
USD/CAD: Clears Key Hurdle To Open Further Gains
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. While a Hanging Man has emerged in intraday trade it lacks confirmation from an ensuing down-period at this stage.
USD/CAD: Hanging Man Formation Lacking Confirmation
4 Hour Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
By David de Ferranti, Currency Analyst, DailyFX
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