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USD/CAD Shooting Star Emerges On Retest Of Initial "Breakout Point"

USD/CAD Shooting Star Emerges On Retest Of Initial "Breakout Point"

2014-11-06 00:52:00
David de Ferranti, Currency Analyst
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Talking Points

  • USD/CAD Technical Strategy: Longs Preferred
  • Shooting Star To Be Monitored For Confirmation
  • Doji Suggests Bears Losing Steam In Intraday Trade

USD/CAD is once again at a crossroads as it retests its initial breakout point. The appearance of a Shooting Star warrants some attention given confirmation from a successive down-session would warn of a corrective pullback. Yet until validated, the spotlight is on the next definitive level near the July 2009 high near 1.1720.

USD/CAD: Shooting Star Emerges On Revisit Of Breakout Point

USD/CAD Shooting Star Emerges On Retest Of Initial "Breakout Point"

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

The four hour chart offered an early warning of a potential intraday pullback for the pair in the form of a Dark Cloud Cover pattern. However, the bears already appear to have lost some steam as noted by a Doji formation near 1.1370/80. The emergence of a more definitive bullish reversal signal would signal the potential for an intraday recovery.

USD/CAD: Doji Suggests Bears Losing Steam

USD/CAD Shooting Star Emerges On Retest Of Initial "Breakout Point"

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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