DailyFX.com -

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

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

    Dollar Demand Strong at Start of Critical Economic Data Week

  2. Forex News

    USD/CAD Technical Analysis: July Swing Top Under Pressure

  3. Investing

    USD/CAD: August 2015 Forecast

  4. Forex News

    Monetary Policy Speculation Continues Next Week With NFPs, RBA and BoE

  5. Forex News

    USDCAD Falls Even After Significant Miss in CAD GDP Data

Trading Center
×

You are using adblocking software

Want access to all of Investopedia? Add us to your “whitelist”
so you'll never miss a feature!