Talking Points
USD/CAD Technical Strategy: longs preferred
Psychologically-significant 1.1000 handle acting to support prices
Hammer on daily failed to receive confirmation
The Hammer candlestick on the daily chart has failed to receive confirmation which puts doubt on the potential for a USD/CAD bounce. However, the psychologically-significant 1.1000 handle remains noteworthy support that may prompt some hesitation amongst the bears.
USD/CAD: Back in Familiar Range
Daily Chart – Created Using FXCM Marketscope 2.0
Drilling down to the four hour chart, several bullish reversal patterns have failed to receive much follow-through. New long positions may be better-served if a correction higher starts to gain traction.
USD/CAD: 1.1000 Offers Support In Intraday Trade
4 Hour Chart – Created Using FXCM Marketscope 2.0
By David de Ferranti, Market Analyst, FXCM
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Forex Strategy: USD/CAD Faces Another Test of Critical 1.1000 Handle
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