USD/CAD Continues Journey To The Upside
Dailyfx | Jul 31, 2014 07:52AM ET
Talking Points
- USD/CAD Technical Strategy: Longs Preferred
- Absence of key reversal patterns suggests gains to continue
- Break Of 1.0810 Paves The Way For Run On 1.0960
The USD/CAD continues its journey to the upside target of 1.0960 following a Morning Star formation on the daily. With bearish formations still lacking the daily a break above the nearby resistance level could yield a push to the April highs near 1.1040.
USD/CAD: Upside Break Opens 1.0960 With Bearish Patterns Absent
A similar narrative to the daily is evident on the four hour timeframe after a Hanging Man formation failed to find confirmation from an ensuing down-period. This casts doubt on a potential correction for the pair over the session ahead. Further gains may be in store on a push above intraday resistance at 1.0870.
USD/CAD: Eyeing Further Gains As Hanging Man Fails To Find Confirmation
Original post
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.