Talking Points
- Strategy: Flat, Long On Close > 1.1460
- Doji Suggests Indecision From Traders Near 1.1280
- Morning StarFormation Awaiting Confirmation
USD/CAD has posted a Dojion the daily, which signals reluctance from the bears to drag the pair lower. With a medium-term uptrend intact the latest pullback could prove transitory. Clearance of former support-turned-resistance at 1.1380 may open a retest of the recent peak at 1.1460.
USD/CAD: Doji Suggests Reluctance From The Bears
Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
A Morning Starhas risen on the four hour chart, which awaits confirmation from a successive up-period. If received the key reversal pattern may herald a shift in sentiment and a revisit of the 1.1400 handle.
USD/CAD: Morning Star Awaiting Confirmation In Intraday Trade
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
To receive David’s analysis directly via email, please sign up here.
Learn how to read candlesticks to help identify trading opportunities with the DailyFX Candlesticks Video Course.
original source