Talking Points
- USD/CAD Technical Strategy: Sidelines Preferred
- Doji Indicates Indecision Near 1.0854 Barrier
- Awaiting Close Below 1.0850 To Suggest A “Double Top”
USD/CAD is at a critical juncture as a Doji on the daily suggests hesitation from the bears near the 1.0854 floor. A daily close below the support level would complete a double top formation and warn of a more sustained pullback towards the psychologically-significant 1.0700 handle.
USD/CAD: Doji Denotes Hesitation Near 1.0854 Hurdle
Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
A Hammer formation on the four hour chart failed to receive confirmation from a successive up-period. This has left a void of bullish signals and casts some doubt on the potential for a recovery over the session ahead.
USD/CAD: Traders Look Past Hammer Formation In Intraday Trade
4 Hour Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
By David de Ferranti, Currency Analyst, DailyFX
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