USD/CAD Bears Lose Confidence As A Doji Emerges
- Strategy: Flat, Long On Close > 1.1460
- Doji Suggests Indecision From Traders Near 1.1280
- Morning StarFormation Awaiting Confirmation
USD/CAD has posted a Dojion the daily, which signals reluctance from the bears to drag the pair lower. 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 Morning Starhas risen on the four hour chart, which awaits confirmation from a successive up-period. If received the key reversal pattern may herald a shift in sentiment and a revisit of the 1.1400 handle.
4 Hour Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
By David de Ferranti, Currency Analyst, DailyFX
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