USD/CAD Whipsaw Leaves An Inverted Hammer Formation In Its Path
- Strategy: Flat
- Whipsaws Continue As An Inverted Hammer Formation Emerges
- Morning Star Pattern Rises In Intraday Trade On The H4 Chart
USD/CAD continues to struggle sub the 1.1280/5 mark with recent bullish patterns failing to find follow-through. This is unsurprising given the pair’s tendency towards whipsaws over the past several months. This further suggests caution is required when looking to adopt fresh positioning.
Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
The four hour chart has posted a Morning Star formation, which thus far has offered little inspiration to the bulls. Intraday gains would likely encounter sellers at the 1.1310 mark.
USD/CAD: Morning Star Pattern Emerges Near Intraday Lows
4 Hour Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
By David de Ferranti, Currency Analyst, DailyFX
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