USD/CAD Remains Range-Bound In Absence of Reversal Candlesticks

By DailyFx | Updated June 10, 2014 AAA

DailyFX.com -

Talking Points

  • USD/CAD Technical Strategy: Sidelines Preferred
  • Range remains in play between 1.0810 and 1.0960
  • Bullish pattern on four hour chart may find little follow-through

USD/CAD remains range-bound with little in the way of candlestick formations on the daily to offer clear technical signals. With prices failing to clear resistance at 1.0960, sellers may look to keep pressure on the pair, which could result in a correction towards noteworthy support at 1.0810.

USD/CAD: Bulls Lose Steam Near 1.0960

USD/CAD Remains Range-Bound In Absence of Reversal Candlesticks

Daily Chart - Created Using FXCM Marketscope 2.0

An examination of the four hour chart reveals a Bullish Engulfing pattern which hints at an intraday bounce if confirmed by a successive up-period. Sellers would likely look to keep gains capped at 1.0950.

USD/CAD: Sellers Likely Sitting At 1.0950

USD/CAD Remains Range-Bound In Absence of Reversal Candlesticks

4 Hour Chart - Created Using FXCM Marketscope 2.0

By David de Ferranti, Market 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.

Related Forex Analysis
  1. USD/CAD Retests Critical Barrier After Bearish Pattern Falls Flat
    Forex News

    USD/CAD Retests Critical Barrier After Bearish Pattern Falls Flat

  2. USD/CAD Technical Analysis: Down Move Pauses Below 1.12
    Forex News

    USD/CAD Technical Analysis: Down Move Pauses Below 1.12

  3. USD/CAD Responds to Channel Support
    Forex News

    USD/CAD Responds to Channel Support

  4. USD/CAD Technical Analysis: Support Found Above 1.11
    Forex News

    USD/CAD Technical Analysis: Support Found Above 1.11

  5. USD/CAD Bearish Pattern Awaits Validation To Warn Of Deeper Pullback
    Forex News

    USD/CAD Bearish Pattern Awaits Validation To Warn Of Deeper Pullback

Trading Center