USD/CAD Impulsive Swings Leave Clearer Directional Cues Desired
- Strategy: Flat, Long On Close > 1.1460
- Bearish Pattern Left Lacking Validation
- Doji Signals Indecision In Intraday Trade
USD/CAD continues to whipsaw wildly leaving a void of clear cues from candlesticks. As noted in recent reports the pair has a tendency towards violent impulsive swings. Yet with a medium-term uptrend intact the latest pullback could prove transitory. Clearance of former support-turned-resistance at 1.1380 may open a retest of the recent peak at 1.1460.
Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
A Dojion the four chart signifies reluctance from the bears to lead USD/CAD lower. Yet an absence of more definitive reversal signals suggests sentiment is yet to shift to the upside. This leaves a more constructive setup desired before adopting fresh positioning.
USD/CAD: Doji Signals Indecision In Intraday Trade
4 Hour Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
By David de Ferranti, Currency Analyst, DailyFX
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