News Column

USD/CAD Range-Plays Preferred As Candlesticks Suggest Indecision

May 6, 2014

David de Ferranti

Talking Points



  • USD/CAD Technical Strategy: Longs Preferred
  • Doji suggests reluctance from bulls to push prices back above 1.1000
  • Four hour chart highlights potential range trading opportunities





    USD/CAD remains capped below former support-turned resistance at 1.1000 with a Doji on the daily showing a reluctance from the bulls to reclaim the key level. The failure to push back above resistance suggests a bearish bias with a potential target offered by the recent range-bottom at 1.0860.





    USD/CAD: Bears Take Control As Prices Push Below 1.1000

    USD/CAD Range-Plays Preferred As Candlesticks Suggest Indecision



    The four hour chart exhibits signs of a short-term range between 1.1000 and 1.0940 that may offer day trading opportunities on the other side of the narrow corridor.





    USD/CAD: Range Remains In Play

    USD/CAD Range-Plays Preferred As Candlesticks Suggest Indecision









    Follow David on Twitter: @Davidde





    Learn how to read candlesticks to help identify trading opportunities with the DailyFX Candlesticks Video Course.










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    Source: DailyFx


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