- USD/CAD Technical Strategy: Sidelines Preferred
- Hammer Awaiting Confirmation Near Key Support
- Awaiting Close Below 1.0850 To Suggest A “Double Top”
USD/CAD remains at a crossroads near the 1.0850 mark as a Hammer formation suggests the bulls may be set to return. If confirmed by a successive up-day the bullish reversal signal could prompt a run on the recent highs near 1.0980. Whereas a daily close below the support level would complete a double top formation, and warn of a more sustained pullback towards the psychologically-significant 1.0700 handle.
USD/CAD: Hammer Awaiting Confirmation Near Key Support
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 USDCAD. The key reversal pattern casts the spotlight on intraday resistance at the 1.0900 ceiling.
USD/CAD: Bullish Engulfing Formation Signaled An Intraday Bounce
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.
ForexAmid the rising economic power of India, the talks of making the Indian currency fully convertible are gaining momentum. We look at the pros and cons.
Forex FundamentalsAs the world's second largest economy, China's challenge to America’s dominance includes a push to make the yuan (RMB), the world’s reserve currency. Whether it can do that now is unclear.
EconomicsOne particular barrier to trade that has received much attention of late and caused delays in negotiations of the TPP is exchange-rate manipulation, by which a country artificially devalues its ...
ForexBreaking news moves forex markets. Here are the top U.S. sites for tracking forex news.
InvestingAccess to financial information has grown with the expansion of digital news. Bloomberg and Thomson Reuters lead the pack, claiming a majority of the business information market.
EconomicsSouth Korea is the latest country to cut interest rates in an attempt to stimulate economic growth.
Forex EducationPeer-to-peer (P2P) currency exchange networks offer a viable and cheaper alternative for buying and selling currencies.
ForexHere is a simple breakdown of how to open an offshore forex account for US-based users, including legal requirements.
EntrepreneurshipA brief overview of the top apps that help forex traders with on time information, charts and more.
Investing BasicsVirtual currency is probably here to stay, but what about Bitcoin specifically? Does it have a first-to-market advantage? What are the risks involved?
- No results found.