Talking Points
- USD/CAD Technical Strategy: Sidelines Preferred
- Bullish Reversal Signal Emerges After Rebound
- Bulls Bush Past Shooting Star On H4 Chart
USD/CAD has vaulted back above the 1.1220 mark leaving a Bullish Engulfing formation in its wake. Confirmation of the reversal signal from a successive up-day would suggest a potential revisit of the 1.1380 peak. However, traders should be mindful of the pair’s recent tendency to violently whipsaw in intraday trade, suggesting a cautious approach is needed.
USD/CAD: Vault Over 1.1220 Sees Bullish Pattern Emerge
Daily Chart – Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
The four hour chart also offers a somewhat encouraging bullish perspective on USD/CAD. The pair seemingly shrugged off a Shooting Star formation near 1.1265, which may signal the potential for a run towards 1.1370.
USD/CAD: Absence Of Bearish Signals Opens Prospect Of Intraday Gains
4 Hour Chart – Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
By David de Ferranti, Currency Analyst, DailyFX
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