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USD/CAD Bears Lose Confidence As A Doji Emerges

USD/CAD Bears Lose Confidence As A Doji Emerges

David de Ferranti, Currency Analyst

Talking Points

  • 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.

USD/CAD: Doji Suggests Reluctance From The Bears

USD/CAD Bears Lose Confidence As A Doji Emerges

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.

USD/CAD: Morning Star Awaiting Confirmation In Intraday Trade

USD/CAD Bears Lose Confidence As A Doji Emerges

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

By David de Ferranti, Currency Analyst, DailyFX

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