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USD/CAD Eyes Further Gains After Shooting Star Fizzles

USD/CAD Eyes Further Gains After Shooting Star Fizzles

2014-11-07 06:30:00
David de Ferranti, Currency Analyst
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Talking Points

  • Strategy: Long, Stop: 1.1380, Target: 1.1720
  • Shooting Star Fails To Find Confirmation
  • Reversal Signals Lacking In Intraday Trade

USD/CAD has rebounded nicely from its initial ‘breakout point’, which has left a Shooting Star formation lacking confirmation. This casts the spotlight is on the next definitive level near the July 2009 high near 1.1720. A close back under the 1.1380 barrier would be required to negate a bullish bias for the pair and suggest a top.

USD/CAD: Shooting Star Fails To Find Confirmation

USD/CAD Eyes Further Gains After Shooting Star Fizzles

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

The four hour chart reveals a lack of key reversal signals, which makes a pullback over the session ahead questionable. Yet trader should tread cautiously ahead of the recent 1.1464 peak which may prompt some renewed selling interest in the pair.

USD/CAD: Lacking Reversal Candlesticks In Intraday Trade

USD/CAD Eyes Further Gains After Shooting Star Fizzles

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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