USD/CAD: Sharp Swing Sees A Bearish Candlestick Pattern Emerge

Published 12/02/2014, 04:45 AM
Updated 07/09/2023, 06:31 AM
USD/CAD
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Talking Points

  • Strategy: Flat
  • Bearish Engulfing Pattern May See Limited Follow-Through
  • Dojis Signal Reluctance From The Bears In Intraday Trade

USD/CAD has proven true to form in recent trade with a sharp impulsive move lower continuing the series of whipsaws over recent weeks. A Bearish Engulfing pattern has been left in its path. Yet given the pair’s tendencies towards violent swings the scope for follow-through may be limited and caution is required when looking to adopt fresh positioning.

USD/CAD: Pullback Produces A Bearish Reversal Signal

USD/CAD

A pair of Dojis on the four hour chart already suggests some reluctance from the bears to lead USD/CAD lower. Yet key bullish reversal patterns are at this stage lacking suggesting the prospect of a recovery is questionable.

USD/CAD: Dojis Denote Reluctance From The Bears To Lead The Pair Lower

USD/CAD

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