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USD/CAD Technical Analysis: Sidelines, Bearish Engulfing Pattern and H4 Chart Reveals Bullish Signal

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by , 10-30-2014 at 12:17 AM (613 Views)
          
   
The USD/CAD bulls appear to have lost their grip on the pair after struggling to hang onto the 1.1200 mark. The recent pullback has left a Bearish Engulfing formation in its path, which awaits confirmation from a successive down-day. Validation would warn of a deeper setback towards the psychologically-significant 1.1100 handle.

Bearish Engulfing Pattern Warns Of A Deeper Setback



The four hour chart reveals some intraday buying interest at the 1.1160 mark, which has prompted the emergence of a Harami formation. However, the bullish reversal signal lacks confirmation at this stage casting doubt on a potential recovery over the session ahead.

Recovery Questionable As Harami Lacks Confirmation



By David de Ferranti, Currency Analyst, DailyFX


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