USD/CAD Continues Upward Journey With Bullish Pattern In Tow

By DailyFx | July 31, 2014 AAA

DailyFX.com -

Talking Points

  • USD/CAD Technical Strategy: Longs Preferred
  • Absence of key reversal patterns suggests gains to continue
  • Break Of 1.0810 Paves The Way For Run On 1.0960

USD/CAD continues its journey to the upside target of 1.0960 following a Morning Star formation on the daily. With bearish formations still lacking the daily a break above the nearby resistance level could yield a push to the April highs near 1.1040.

USD/CAD: Upside Break Opens 1.0960 With Bearish Patterns Absent

USD/CAD Continues Upward Journey With Bullish Pattern In Tow

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 after a Hanging Man formation failed to find confirmation from an ensuing down-period. This casts doubt on a potential correction for the pair over the session ahead. Further gains may be in store on a push above intraday resistance at 1.0870.

USD/CAD: Eyeing Further Gains As Hanging Man Fails To Find Confirmation

USD/CAD Continues Upward Journey With Bullish Pattern In Tow

4 Hour Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here

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

    EUR/USD Slammed Below $1.0900 as February NFPs Blow by Forecasts

  2. Forex News

    Preview for NFPs and Trade Setups in USD-pairs

  3. Forex News

    USD/CAD Technical Analysis: Range-Bound Trade Continues

  4. Forex News

    NFP Setups in Focus- USD Breakout Plays

  5. Forex News

    USD/CAD Triangle Resistance Near 1.26

Trading Center