- USD/CAD Technical Strategy: Longs Preferred
- Absence of Bearish Signals Suggests Gains May Continue
- April Highs In Focus On Clearance Of 1.0960 Hurdle
USD/CAD has managed to edge above the 1.0960 target offered in recent reports, which may open the 1.1040 ceiling. With bearish reversal signals seemingly lacking at this point, the potential for a correction may be limited. Although some hesitation near overhanging resistance could slow the pair’s advance.
USD/CAD: Eyes Further Gains 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. An absence of bearish reversal patterns casts doubt on a pullback. However, several short body sessions also suggest some caution amongst traders to lead the pair higher.
USD/CAD: Bulls Tread Cautiously On Clearance Of 1.0960
4 Hour Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
By David de Ferranti, Currency 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.