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USD/CAD Sharp Swing Sees A Bearish Candlestick Pattern Emerge

USD/CAD Sharp Swing Sees A Bearish Candlestick Pattern Emerge

David de Ferranti, Currency Analyst

Talking Points

  • Strategy: Flat
  • Bearish Engulfing Pattern May See Limited Follow-Through
  • Dojis Signal Reluctance From The Bears In Intraday Trade

USD/CAD has proven true to form in recent trade with a sharp impulsive move lower continuing the series of whipsaws over recent weeks. A Bearish Engulfing pattern has been left in its path. Yet given the pair’s tendencies towards violent swings the scope for follow-through may be limited and caution is required when looking to adopt fresh positioning.

USD/CAD: Pullback Produces A Bearish Reversal Signal

USD/CAD Sharp Swing Sees A Bearish Candlestick Pattern Emerge

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

A pair of Dojis on the four hour chart already suggests some reluctance from the bears to lead USD/CAD lower. Yet key bullish reversal patterns are at this stage lacking suggesting the prospect of a recovery is questionable.

USD/CAD: Dojis Denote Reluctance From The Bears To Lead The Pair Lower

USD/CAD Sharp Swing Sees A Bearish Candlestick Pattern Emerge

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

By David de Ferranti, Currency Analyst, DailyFX

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