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USD/CAD Rebound Diminishes Bearish Pattern Significance

USD/CAD Rebound Diminishes Bearish Pattern Significance

2014-11-11 05:40:00
David de Ferranti, Currency Analyst
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Talking Points

  • Strategy: Flat, Long On Close > 1.1460
  • Bearish Pattern Left Lacking Validation
  • Harami On The Radar In Intraday Trade

USD/CAD’s bounce back has eroded the significance of a Bearish Engulfing pattern on the daily. As noted in recent reports the pair has a tendency towards violent impulsive swings. This suggested any dip could prove transitory. Clearance of former support-turned-resistance at 1.1380 may open a retest of the recent peak at 1.1460.

USD/CAD: Bearish Pattern Significance Eroded By Rebound

USD/CAD Rebound Diminishes Bearish Pattern Significance

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

A parade of Dojis on the four chart signified reluctance from the bears to lead USD/CAD lower. With a Harami now in its wake, the intraday timeframe should be closely monitored for confirmation from a successive down-period. Yet this may prove challenging given some intraday buying interest at the 1.1370 floor.

USD/CAD: Harami On The Radar In Intraday Trade

USD/CAD Rebound Diminishes Bearish Pattern Significance

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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