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USD/CAD Bullish Candlestick Pattern Forms Following False Breakout

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Talking Points

  • USD/CAD Technical Strategy: Sidelines Preferred
  • Prices stage false break below range-bottom at 1.0900
  • Bullish Engulfing pattern awaits confirmation

USD/CAD has proven a frustrating pair after staging a false breakout below 1.0900. With a Bullish Engulfing pattern now evident on the daily; there are signs of a potential bounce to former support-turned resistance at 1.1000. The signal needs to see a successive up-day before being validated.

USD/CAD: Stages False Breakout Below 1.0900

USDCAD-Bullish-Candlestick-Pattern-Forms-Following-False-Breakou_body_Picture_2.png, USD/CAD Bullish Candlestick Pattern Forms Following False Breakout

Daily Chart - Created Using FXCM Marketscope 2.0

Drilling down to the four hour chart, there are already signs of hesitation from the bulls, with several Dojis having formed. However, they are not enough to indicate a potential correction at this stage.

USD/CAD: Dojis Denote Some Hesitation From The Bulls

USDCAD-Bullish-Candlestick-Pattern-Forms-Following-False-Breakou_body_Picture_1.png, USD/CAD Bullish Candlestick Pattern Forms Following False Breakout

4 Hour Chart - Created Using FXCM Marketscope 2.0

By David de Ferranti, Market Analyst, FXCM

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