USD/CAD Awaiting Reversal Signal Near Range-Bottom

By DailyFx | Updated July 30, 2014 AAA

DailyFX.com -

Talking Points

  • USD/CAD Technical Strategy: Pending Long
  • Range between 1.0810 and 1.0960 remains in play
  • Gravestone Doji fails to find follow-through

As noted in yesterday’s candlesticks report the June FOMC Meeting offered the potential for significant US Dollar volatility. The resulting price action has negated a Gravestone Doji on the daily for USD/CADwhich had suggested at a potential shift in sentiment for the pair. With bullish reversal signals now absent, doubt is cast over the possibility of a bounce. At the same time the range-bottom may offer some support to the Loonie and leave limited scope for further declines.

USD/CAD: Awaiting Bullish Signal Near Range-Bottom

USD/CAD Awaiting Reversal Signal Near Range-Bottom

Daily Chart - Created Using FXCM Marketscope 2.0

An examination of the four hour chart similarly reveals a notable absence of bullish signals, despite the pair pushing on noteworthy support at 108.15.

USD/CAD: Bullish Patterns Remain Missing In Intraday Trade

USD/CAD Awaiting Reversal Signal Near Range-Bottom

4 Hour Chart - Created Using FXCM Marketscope 2.0

By David de Ferranti, Market Analyst, DailyFX

Follow David on Twitter: @Davidde

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.

You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    USD/CAD Congestion Ahead- AUD/USD Support at Risk on Dismal China PMI

  2. Investing

    USD/CAD: April 2015 Forecast

  3. Forex News

    USD/CAD Technical Analysis: Still Oscillating Below 1.28

  4. Forex News

    Scalp Webinar: USD Defends Support Slope- Bulls at Risk Ahead of NFP

  5. Forex News

    USD Nearing Turn at End of Q1? Charts to Start the Week

Trading Center