Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

USD/CAD Sent Reeling Following Emergency Of Harami Pattern

Published 09/17/2014, 07:41 AM
Updated 07/09/2023, 06:31 AM

Talking Points

  • USD/CAD Technical Strategy: Sidelines Preferred
  • Harami Confirmation Suggests Declines May Continue
  • “False Breakout” Casts Risks Lower To 1.0854

USD/CAD has been sent reeling following the emergence of a Harami pattern on the daily. The key reversal pattern and daily close below the 1.0980/1.1000 barrier warn of further short-term weakness for the pair. Yet within the context of a longer-term uptrend a pullback to the 1.0854 floor would be seen as a buying opportunity at this stage.

USD/CAD: Harami Delivers Drop Below “Breakout” Point

USD/CAD Daily Chart

The four hour chart reveals an absence of bullish reversal signals at this stage. This suggests the chances of an intraday recovery may be slim. A continued correction is likely to be met by buying interest at the 1.0936 floor.

USD/CAD: Recovery Hopes Appear Slim Amid Void of Bullish Candlesticks

USD/CAD 4 Hour Chart

Original post

Latest comments

Risk Disclosure: 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.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.