Talking Points
- USD/CAD Technical Strategy: Sidelines Preferred
- Hammer Candlestick Emerges Near The 1.1000 Barrier
- Recovery Questionable Amid Choppy Price Action
USD/CAD has breached the 1.1000 barrier after a Hammer formation left the pair with a bullish buttress. Yet some skepticism over the potential for a sustained ascent is warranted given its frustratingly choppy price action over recent weeks.
USD/CAD: Hammer Receives Confirmation Near 1.1000 Hurdle
Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
The four hour chart is already offering an early warning of a potential pullback for USD/CAD. A retreat below the 1.1016 floor would confirm an Evening Star candlestick formation and open a return to the 1.0936 mark.
USD/CAD: Evening Star Warns Of Intraday Weakness
4 Hour Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
By David de Ferranti, Currency Analyst, DailyFX
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