USD/CAD Dark Cloud Cover May Struggle To Find Follow-Through

Talking Points

  • USD/CAD Technical Strategy: Sidelines Preferred
  • Dark Cloud Cover Left Awaiting Confirmation
  • H4 Chart Hints At An Intraday Rebound

USD/CAD’s whipsaw has left a Dark Cloud Cover pattern in its wake. The bearish reversal signal may warn of weakness if confirmed by a successive down-day. Yet with strong buying interest likely to emerge at 1.0854, the downside may prove limited.

USD/CAD: Bearish Pattern May Struggle To See Follow-Through

USD/CAD Dark Cloud Cover May Struggle To Find Follow-Through

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

The four hour chart has already offered an indication of a potential intraday recovery for USD/CAD. A Harami pattern and probe above 1.0900 suggests the potential for a retest of the recent highs near 1.0943. Traders should be mindful of the potential for significant intraday swings as has been witnessed in recent trade.

USD/CAD: Harami Hints At Intraday Recovery To Recent Highs

USD/CAD Dark Cloud Cover May Struggle To Find Follow-Through

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.

This entry was posted in Binary Options Signals Related News and tagged , , . Bookmark the permalink.

Leave a Reply

Your email address will not be published. Required fields are marked *