- USD/CAD Technical Strategy: Longs Preferred
- Absence of Bearish Signals Suggests Gains May Continue
- Daily Close Above Nearby Resistance To Open 1.1040
USD/CADremains on the path to the 1.0960 target offered in recent candlesticks reports with bearish signals remaining absent. A daily close above the nearby barrier could generate a push to the April highs near 1.1040.
USD/CAD: 1.0960 Target Draws Nearer With Reversal Signals Absent
Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
A similar narrative to the daily is evident on the four hour timeframe after a Bearish Engulfing formation failed to find validation from an ensuing down-period. This casts doubt on a potential correction for the pair over the session ahead. A retreat below the 1.0870 floor would be required to shift the immediate risk to the downside.
USD/CAD: Eyeing Further Gains As Bearish Engulfing Formation Fails To Find Confirmation
4 Hour Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
By David de Ferranti, Market Analyst, DailyFX
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