USD/CAD Key Reversal Pattern Emerges As Bulls Return
Dailyfx | May 13, 2014 06:54AM ET
- USD/CAD Technical Strategy: Sidelines Preferred
- Bullish Engulfing awaits confirmation
- Four hour chart suggests the potential for an intraday bounce
The USD/CAD has reversed course following a break below the 1.0860 mark. The recovery in prices has prompted the emergence of a Bullish Engulfing candlestick pattern which suggests further gains may be possible. However, given past price action suggests the potential emergence of a downtrend, it remains to be seen whether this is a mere corrective bounce within the broader trend.
h3 USD/CAD: Key Reversal Pattern Emerges As Bulls Return /h3A Harami candlestick pattern near 1.0875 combined with clearance of the 1.0900 mark suggests the potential for an intraday bounce towards the next level of resistance at 1.0940.
h3 USD/CAD: Harami Puts Intraday Bounce On The Cards /h3Original post
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