News Column

USD/CAD Bulls In Doubt Following Failure To Crack Resistance

May 23, 2014

David de Ferranti

Talking Points



  • USD/CAD Technical Strategy: Sidelines Preferred
  • Doji suggests signs of hesitation from traders near 1.0940
  • Bearish pattern on four hour chart may find little follow-through





    The Doji on the daily for USD/CAD suggests indecision from traders near noteworthy resistance at 1.0940. However, a more notable bearish signal remains absent, which at this stage casts doubt over the extent of any pullback.





    USD/CAD: Bulls Lose Steam Near 1.0940

    USD/CAD Bulls In Doubt Following Failure To Crack Resistance





    Intraday price action has resulted in the formation of a Dark Cloud Cover pattern on the four hour chart. However, with buyers likely looking to support prices near1.0900, further falls in the session ahead may be limited.





    USD/CAD: Dark Cloud Cover May Find Limited Follow-Through with Support Nearby

    USD/CAD Bulls In Doubt Following Failure To Crack Resistance









    Follow David on Twitter: @Davidde





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    Source: DailyFx


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