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USD/CAD Sharp Pullback Produces A Bearish Engulfing Formation

USD/CAD Sharp Pullback Produces A Bearish Engulfing Formation

David de Ferranti, Currency Analyst

Talking Points

  • Strategy: Flat
  • Bearish Pattern Emerges After Sharp Pullback
  • Dojis In Intraday Trade Signal Indecision

USD/CAD has retreated back below the former 1.1380 peak, leaving behind a Bearish Engulfing formation. Similar pullbacks have proven shallow in the past and the latest dip may prove no different. Buyers may look to step up at former resistance-turned-support at the 1.1285 mark.

USD/CAD: Sharp Retreat Leaves A Bearish Pattern In Its Path

USD/CAD Sharp Pullback Produces A Bearish Engulfing Formation

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

The four hour chart reveals a pair of Doji candlesticks, which signal hesitation from the bears to lead USD/CAD lower. Yet an absence of more definitive reversal signals casts some doubt over a potential recovery.

USD/CAD: Dojis Suggest Hesitation In Intraday Trade

USD/CAD Sharp Pullback Produces A Bearish Engulfing Formation

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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