USD/CAD Impulsive Swings Leave Clearer Directional Cues Desired

Talking Points

• Strategy: Flat Long On Close > 1.1460
• Bearish Pattern Left Lacking Validation
• Doji Signals Indecision In Intraday Trade

USD/CAD continues to whipsaw wildly leaving a void of clear cues from candlesticks. As noted in recent reports the pair has a tendency towards violent impulsive swings. Yet with a medium-term uptrend intact the latest pullback could prove transitory. Clearance of former support-turned-resistance at 1.1380 may open a retest of the recent peak at 1.1460.

USD/CAD: Wild Swings Leave Clear Guidance From Candlesticks Lacking

Daily Chart - Created Using FXCM Marketscope 2.0 Volume Indicator Available Here

A Dojion the four chart signifies reluctance from the bears to lead USD/CAD lower. Yet an absence of more definitive reversal signals suggests sentiment is yet to shift to the upside. This leaves a more constructive setup desired before adopting fresh positioning.

USD/CAD: Doji Signals Indecision In Intraday Trade

4 Hour Chart - Created Using FXCM Marketscope 2.0 Volume Indicator Available Here

By David de Ferranti Currency Analyst DailyFX

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