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USD/CAD Bullish Candlestick Pattern Awaiting Confirmation

USD/CAD Bullish Candlestick Pattern Awaiting Confirmation

David de Ferranti, Currency Analyst

Talking Points

  • Strategy: Flat
  • Rebound Produces A Piercing Line Pattern
  • H4 Chart Leaves Clearer Candlestick Cues Desired

USD/CAD’s impulsive swings have continued with a Piercing Line pattern left in its wake. Yet the key reversal pattern awaits confirmation from a successive up-period to offer a bullish signal. 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: Rebound Produces Piercing Line Pattern

USD/CAD Bullish Candlestick Pattern Awaiting Confirmation

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

The four hour chart appears lacking of key reversal candlestick patterns. This leaves a more constructive setup desired to offer a clearer technical bias.

USD/CAD: Candlestick Reversal Patterns Lacking In Intraday Trade

USD/CAD Bullish Candlestick Pattern Awaiting Confirmation

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

By David de Ferranti, Currency Analyst, DailyFX

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