USD/CAD Key Reversal Candlestick Pattern Fails To Find Confirmation

2014-12-03 07:36:06

(MENAFN- DailyFX) DailyFX.com - r>

Talking Points

Strategy: Flat
Bearish Engulfing Pattern Left Lacking Confirmation
H4 Time Lacking Clear Cues From Candlesticks

USD/CAD’s about-face has left a Bearish Engulfing pattern lacking confirmation. The impulsive swing higher comes as no surprise given the series of whipsaws over recent weeks. The pair’s tendencies towards violent moves suggests caution remains required when looking to adopt fresh positioning.

USD/CAD: Bearish Pattern Left Lacking Confirmation

USD/CAD Key Reversal Candlestick Pattern Fails To Find Confirmation

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

The four hour chart leaves us with few tradable cues for the CAD. Sellers appear to be sitting at the 1.1410 barrier yet a void of bearish signals raises some doubts over the prospect of a sustained pullback.

USD/CAD: Pullback Questionable Amid Void Of Bearish Reversal Candlesticks

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

By David de Ferranti Currency Analyst DailyFX

Follow David on Twitter: @DaviddeFe

" style="text-align:justify"> To receive David’s analysis directly via email please sign up here.

" style="text-align:justify"> Learn how to read candlesticks to help identify trading opportunities with the DailyFX Candlesticks Video Course.

original source

Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.