USD/CAD To Continue Recovery Following Morning Star Pattern

USD/CAD To Continue Recovery Following Morning Star Pattern

14 July 2014, 13:30
Sergey Golubev
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USD/CAD Technical Strategy: Longs Preferred

Bounce off key support yields Morning Star pattern

Former resistance at 1.0700 now offers support

USD/CAD’s break above 1.0700 has yielded a somewhat asymmetric Morning Star formation on the daily, which suggests the potential for a continued recovery for the pair. Buyers are likely targeting the 1.0810 mark. However,a daily close back below 1.0700 would suggest a false breakout and negate a bullish technical bias.


USD/CAD: Bulls Look To Take Control Following Morning Star Pattern



A glance at the four hour chart reveals a Dark Cloud Cover pattern forming in intraday trade. However, the second candle has yet to close and receive confirmation from a successive down-period, before the bearish signal is confirmed.

USD/CAD: Dark Cloud Cover Forming In Intraday Trade


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