- USD/CAD Technical Strategy: Sidelines Preferred
- Dojis Signal Hesitation Near The 1.0900 Barrier
- Daily Close Below 1.09 Required To Open 1.0810
USD/CAD remains buoyant above the 1.0900 handle as several Doji formations suggests hesitation from the bears to lead the pair lower. A retreat under the 1.0900 floor would be required to cast the immediate risk lower and setup a test of the 1.0810 mark. However, at this stage signs of an uptrend remain intact for the pair, which suggests the possibility for a retest of the recent highs should not be neglected.
USD/CAD: Dojis Highlight Hesitation Near The 1.0900 Barrier
Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
Scrutinizing the four hour chart reveals several Doji formations near the psychologically-significant 1.0900 handle. While not key reversal patterns the candlesticks suggest selling pressure on the pair may have eased. Similarly to the daily, this indicates the potential for a retest of the recent highs.
USD/CAD: At A Crossroads Near Critical Support
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.