USD/CAD Cautiously Eyes April Highs With Bearish Candlesticks Lacking

By DailyFx | August 06, 2014 AAA

DailyFX.com -

Talking Points

  • 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

USD/CAD Cautiously Eyes April Highs With Bearish Candlesticks Lacking

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

USD/CAD Cautiously Eyes April Highs With Bearish Candlesticks Lacking

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.

You May Also Like

Related Forex Analysis
  1. Forex News

    USD/CAD Technical Analysis: Standstill Sub-1.17 Continues

  2. Forex News

    Left Exposed to the Price of Oil, Canadian GDP is Revised Down

  3. Forex News

    USD/CAD Dark Cloud Cover Awaits Confirmation To Warn Of A Pullback

  4. Forex News

    USD/CAD Technical Analysis: Selloff Stalls Below 1.17 Figure

  5. Forex News

    USD/CAD Touches Long Term Fibonacci Retracement at 1.1666

Trading Center