USD/CAD Bulls May Return Post Gravestone Doji Near Support
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Talking Points
- USD/CAD Technical Strategy: Pending Long
- Range between 1.0810 and 1.0960 remains in play
- Gravestone Doji may herald recovery to range-top
A Gravestone Doji on the daily for USD/CAD suggests a potential shift in sentiment for the pair and possible push back to the range-top at 1.0960. The close of an ensuing up-day has helped confirm the bullish signal paves the way for a further recovery.
Traders should also be mindful that the upcoming June FOMC Meeting poses significant event risk, and the resulting price action could override technical signals offered. Watch the live coverage here.
USD/CAD: Gravestone Doji Suggests Bulls Looking To Return
Daily Chart - Created Using FXCM Marketscope 2.0
The Bullish Engulfing pattern that appeared near support at 1.0842 on the four hour chart offered an early indication of a potential recovery for USD/CAD. However further gains in the session ahead hinge on a close above notable resistance at 1.0870.
USD/CAD: Bulls Pause Near Key Resistance Post Reversal Pattern
4 Hour Chart - Created Using FXCM Marketscope 2.0
By David de Ferranti, Market Analyst, DailyFX
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