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USD/CAD Whipsaw Leaves An Inverted Hammer Formation In Its Path

USD/CAD Whipsaw Leaves An Inverted Hammer Formation In Its Path

2014-11-27 07:09:00
David de Ferranti, Currency Analyst
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Talking Points

  • 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.

USD/CAD: Intraday Whipsaw Leaves An Inverted Hammer In Its Path

USD/CAD Whipsaw Leaves An Inverted Hammer Formation In Its Path

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

USD/CAD Whipsaw Leaves An Inverted Hammer Formation In Its Path

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

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