USD/CAD Key Reversal Candlestick Pattern Fails To Find Confirmation
- Strategy: Flat
- Bearish Engulfing Pattern Left Lacking Confirmation
- H4 Time Lacking Clear Cues From Candlesticks
USD/CAD’s about-face has left a Bearish Engulfing pattern lacking confirmation. The impulsive swing higher comes as no surprise given the series of whipsaws over recent weeks. The pair’s tendencies towards violent moves suggests caution remains required when looking to adopt fresh positioning.
Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
The four hour chart leaves us with few tradable cues for the CAD. Sellers appear to be sitting at the 1.1410 barrier yet a void of bearish signals raises some doubts over the prospect of a sustained pullback.
USD/CAD: Pullback Questionable Amid Void Of Bearish Reversal Candlesticks
4 Hour Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
By David de Ferranti, Currency Analyst, DailyFX
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