Talking Points
- Strategy: Flat
- Piercing Line Pattern Left Lacking Confirmation
- H4 Chart Leaves Clearer Candlestick Cues Desired
USD/CAD’s most recent Piercing Line pattern has failed to find confirmation from a successive up-day. This is unsurprising given the pair’s tendency towards violent intraday whipsaws. This further suggests caution is required when looking to adopt fresh positioning.
USD/CAD: Piercing Line Pattern Fails To Find 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
4 Hour Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
By David de Ferranti, Currency Analyst, DailyFX
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