USD/CAD Faces Make-Or-Break Moment As A Doji Signals Indecision

By DailyFx | August 29, 2014 AAA

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Talking Points

  • USD/CAD Technical Strategy: Sidelines Preferred
  • Doji Indicates Indecision Near 1.0854 Barrier
  • Awaiting Close Below 1.0850 To Suggest A “Double Top”

USD/CAD is at a critical juncture as a Doji on the daily suggests hesitation from the bears near the 1.0854 floor. 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: Doji Denotes Hesitation Near 1.0854 Hurdle

USD/CAD Faces Make-Or-Break Moment As A Doji Signals Indecision

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

A Hammer formation on the four hour chart failed to receive confirmation from a successive up-period. This has left a void of bullish signals and casts some doubt on the potential for a recovery over the session ahead.

USD/CAD: Traders Look Past Hammer Formation In Intraday Trade

USD/CAD Faces Make-Or-Break Moment As A Doji Signals Indecision

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

By David de Ferranti, Currency Analyst, DailyFX

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