USD/CAD Set For Further Falls As Reversal Candlesticks Remain Absent

By DailyFx | Updated July 30, 2014 AAA

DailyFX.com -

Talking Points

  • USD/CAD Technical Strategy: Shorts Preferred
  • Range remains in play between 1.0810 and 1.0960
  • Close below 1.0890 to open further declines

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 continued correction towards noteworthy support at 1.0810.

USD/CAD: Bulls Lose Steam Near 1.0960

USD/CAD Set For Further Falls As Reversal Candlesticks Remain Absent

Daily Chart - Created Using FXCM Marketscope 2.0

USD/CAD’s intraday recovery in yesterday’s session was ultimately spoilt by the appearance of another Bearish Engulfing pattern, which heralded a correction ahead. With reversal signals missing on the four hour chart the pair may continue to drift towards support at 1.0825.

USD/CAD: Bearish Engulfing Pattern Delivers Declines

USD/CAD Set For Further Falls As Reversal Candlesticks Remain Absent

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.

comments powered by Disqus
Related Forex Analysis
  1. USD/CAD Technical Analysis: Support Found Above 1.11
    Forex News

    USD/CAD Technical Analysis: Support Found Above 1.11

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

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

  3. USD/CAD Technical Analysis: Sellers Overcome 1.12 Figure
    Forex News

    USD/CAD Technical Analysis: Sellers Overcome 1.12 Figure

  4. USD/CAD Channel Support is Slightly Lower
    Forex News

    USD/CAD Channel Support is Slightly Lower

  5. USD/CAD Bulls Regain Their Grip Near Critical 1.1220 Floor
    Forex News

    USD/CAD Bulls Regain Their Grip Near Critical 1.1220 Floor

Trading Center