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USD/CAD Set For Make-Or-Break Session

ByDailyfx
Published 07/08/2014, 05:50 AM
US Dollar Canadian Dollar
-0.04%

Talking Points

  • USD/CAD Technical Strategy: Sidelines Preferred
  • Morning Star pattern awaiting confirmation
  • 1.0700 continues to hold as key resistance

The USD/CAD is set for a make-or-break session as the pair awaits confirmation of a Morning Star pattern on the daily. Follow-through from a successive up-day and break above 1.0700 would offer a bullish reversal signal, and pave the way for a recovery to 1.0810.

USD/CAD: Key Reversal Pattern Awaiting Confirmation

USD/CAD Daily Chart

An examination of the four hour chart reveals a Bullish Engulfing candlestick formation which yielded an intraday recovery for the USD/CAD. While resistance looms nearby at 1.0700 a bearish reversal pattern remains absent, which casts doubt on the potential for a pullback.

USD/CAD: Bullish Engulfing Pattern Yields Short-Lived Recovery

USD/CAD Daily Chart

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