USD/CAD Awaiting Reversal Signal Near Range-Bottom

By DailyFx | June 19, 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.

comments powered by Disqus
Related Forex Analysis
  1. Dollar Finds Capital Market Uncertainties Offset Wavering Fed Rhetoric
    Forex News

    Dollar Finds Capital Market Uncertainties Offset Wavering Fed Rhetoric

  2. US Dollar Pullback May Be Ahead, SPX 500 Slips Below 2000 Again
    Forex News

    US Dollar Pullback May Be Ahead, SPX 500 Slips Below 2000 Again

  3. US Dollar Technical Analysis: Bullish Momentum Fading?
    Forex News

    US Dollar Technical Analysis: Bullish Momentum Fading?

  4. Euro May Be Asymetrically Sensitive if PMI Data Tops Expectations
    Forex News

    Euro May Be Asymetrically Sensitive if PMI Data Tops Expectations

  5. EUR/USD stuck at 1.2850, new triggers are wanted
    Forex News

    EUR/USD stuck at 1.2850, new triggers are wanted

Trading Center