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USD/CAD Piercing Line Pattern Falls Flat As Intraday Whipsaws Endure

USD/CAD Piercing Line Pattern Falls Flat As Intraday Whipsaws Endure

David de Ferranti, Currency Analyst

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

USD/CAD Piercing Line Pattern Falls Flat As Intraday Whipsaws Endure

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 Piercing Line Pattern Falls Flat As Intraday Whipsaws Endure

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

By David de Ferranti, Currency Analyst, DailyFX

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