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Talking Points

  • USD/CAD Technical Strategy: Pending Long
  • Absence of Bearish Signals Suggests Gains May Continue
  • April Highs In Focus On Clearance Of 1.0980 Hurdle

USD/CAD is at a critical juncture as it teases at a break of 1.0980 with an absence of bearish reversal signals casting doubt on a correction. A daily close above the nearby hurdle would set the stage for a run on the April highs near 1.1040.

USD/CAD: Facing Significant Hurdle With Bearish Signals Absent

USD/CAD Faces 1.0980 Hurdle With Reversal Patterns 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 Doji candlesticks also suggest some caution amongst traders to lead the pair higher.

USD/CAD: Bulls Tread Cautiously With 1.0980 Nearby

USD/CAD Faces 1.0980 Hurdle With Reversal Patterns Absent

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

By David de Ferranti, Currency Analyst, DailyFX

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