We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
EUR/USD
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Oil - US Crude
Bearish
Wall Street
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Bearish
GBP/USD
Bullish
USD/JPY
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • Heads Up:🇧🇷 BCB Focus Market Readout due at 11:30 GMT (15min) https://www.dailyfx.com/economic-calendar#2020-05-25
  • 🇲🇽 Balance of Trade Actual: $-3.087B Expected: $2.04B Previous: $3.398B https://www.dailyfx.com/economic-calendar#2020-05-25
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.32%, while traders in US 500 are at opposite extremes with 76.77%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/Tha105cXZ5
  • Heads Up:🇲🇽 Balance of Trade due at 11:00 GMT (15min) Expected: $2.04B Previous: $3.392B https://www.dailyfx.com/economic-calendar#2020-05-25
  • Commodities Update: As of 10:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.73% Gold: -0.29% Silver: -0.85% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/enjCuKY7xE
  • $SPX faces pivotal resistance, while #FTSE 100 continues to trade in rangebound fashion. Get your #equities technical analysis from @JMcQueenFX here: https://t.co/JXLZIbXzrQ https://t.co/37cpFa4skw
  • Forex Update: As of 10:00, these are your best and worst performers based on the London trading schedule: 🇨🇦CAD: 0.21% 🇬🇧GBP: 0.11% 🇦🇺AUD: -0.03% 🇳🇿NZD: -0.05% 🇨🇭CHF: -0.06% 🇯🇵JPY: -0.08% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/W8OTNI6e3n
  • 🇮🇱 GDP Growth Rate QoQ 1st Est Actual: -1.8% Previous: 1.1% https://www.dailyfx.com/economic-calendar#2020-05-25
  • Indices Update: As of 10:00, these are your best and worst performers based on the London trading schedule: Germany 30: 1.93% France 40: 1.28% FTSE 100: 1.25% Wall Street: 1.10% US 500: 1.08% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/Fn5s0UlxkI
  • Heads Up:🇮🇱 GDP Growth Rate QoQ 1st Est due at 10:00 GMT (15min) Previous: 1.1% https://www.dailyfx.com/economic-calendar#2020-05-25
USD/CAD Clings To Key Support After Bullish Pattern Falls Flat

USD/CAD Clings To Key Support After Bullish Pattern Falls Flat

2014-11-16 05:54:00
David de Ferranti, Currency Analyst
Share:

Talking Points

  • Strategy: Long (1.1280), Target: 1.1460, Stop 1.1270 (Daily Close)
  • Morning Star Formation Fails To Find Confirmation
  • H4 Chart Shows Reluctance From The Bears In Intraday Trade

USD/CAD is at a critical juncture as it probes below the 1.1280/5 barrier in intraday trade. The recent pullback has left a Morning Star formation lacking confirmation. However, the presence of a core uptrend (albeit an extremely choppy one) remains. This suggests a further retreat is questionable and may warrant a ‘buy the dip’ approach. Traders should be mindful of the pair’s tendency towards violent intraday whipsaws meaning caution is required when looking to adopt fresh positioning.

USD/CAD: Pullback To Key Support Region Negates Bullish Signal

USD/CAD Clings To Key Support After Bullish Pattern Falls Flat

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

The four hour chart demonstrates significant reluctance from the bears to drag the pair lower. This is signaled by a medley of Dojis and short body candles. Yet at this stage more definitive bullish reversal signals remain absence.

USD/CAD: Doji & Short Body Medley Demonstrates Reluctance From The Bears

USD/CAD Clings To Key Support After Bullish Pattern Falls Flat

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

To receive David’s analysis directly via email, please sign up here.

Learn how to read candlesticks to help identify trading opportunities with the DailyFX Candlesticks Video Course.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES

News & Analysis at your fingertips.