- USD/CAD Technical Strategy: Sidelines Preferred
- Hammer Formation Puts The Spotlight On 1.0980
- Eyes On Intraday Trade For Hints At A Correction
USD/CAD has been propelled higher in recent trade following the appearance of a bullish reversal signal near 1.0850. A Hammer formation and climb over the 1.0900 barrier casts the spotlight on the pair’s recent highs near 1.0980.
USD/CAD: Hammer Heralded Return of The Bulls
Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
A Bullish Engulfing formation offered an early indication of an imminent bounce for USD/CAD. However, warning signs of an intraday correction are emerging for the pair as Bearish Engulfing pattern forms. A close the current candle and successive down-period would set the stage for a retest of the psychologically-significant 1.0900 handle.
USD/CAD: Eyeing Intraday Trade For Early Indications Of A Correction
4 Hour Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
By David de Ferranti, Currency Analyst, DailyFX
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