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USD/CAD Eyes Recent Peak As A Reversal Pattern Awaits Confirmation

USD/CAD Eyes Recent Peak As A Reversal Pattern Awaits Confirmation

2014-11-14 06:49:00
David de Ferranti, Currency Analyst
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Talking Points

  • Strategy: Flat, Long On Close > 1.1460
  • Morning Star Formation Awaiting Confirmation
  • H4 Chart Offered An Early Hint At A Bounce

USD/CAD’s rebound has given rise to a Morning Star formation on the daily, which awaits confirmation from a successive up-session. If received it could pave the way for an eventual upside break of the recent peak near 1.1460. Yet traders should be mindful of the pair’s tendency towards violent intraday whipsaws. This suggests caution is required when looking to adopt fresh positioning.

USD/CAD: Morning Star Waiting Confirmation

USD/CAD Eyes Recent Peak As A Reversal Pattern Awaits Confirmation

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

A Morning Staroffered an intraday signal that the bulls were looking to return to the pair near the 1.1265 floor. With bearish signals lacking a climb over the 1.1400 hurdle may open an ascent towards the 1.1464 mark.

USD/CAD: Morning Star Offered Intraday Turning Signal

USD/CAD Eyes Recent Peak As A Reversal Pattern Awaits Confirmation

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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