USD/CAD Faces 1.0980 Hurdle With Reversal Patterns Absent

By DailyFx | August 11, 2014 AAA

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.

comments powered by Disqus
Related Forex Analysis
  1. USD/JPY Traders Await Clearer Guidance As A Doji Signals Hesitation
    Forex News

    USD/JPY Traders Await Clearer Guidance As A Doji Signals Hesitation

  2. USD/JPY is dancing around 107.00
    Forex News

    USD/JPY is dancing around 107.00

  3. USD/CAD Tests Critical Barrier As Intraday Dojis Denote Indecision
    Forex News

    USD/CAD Tests Critical Barrier As Intraday Dojis Denote Indecision

  4. NZD/USD Stalls At 0.8000 Barrier As A Doji Arises & Volume Fades
    Forex News

    NZD/USD Stalls At 0.8000 Barrier As A Doji Arises & Volume Fades

  5. EUR/USD sidelined above 1.2700
    Forex News

    EUR/USD sidelined above 1.2700

Trading Center