Forex Marketz Daily Forex News – Fully Markets Update
USD/CAD (1.0951)
The dollar suffered a false breakout higher after we formed a Harami candlestick. Please see the below daily chart. This was a key reversal and we moved lower. We are currently back below the key level of 1.10 and now below 1.0980 as well. This gives us concern to pause and take stock of our position as this signals a possible bearish reversal for this Forex pair. However, we view the technical level of 1.0855 as a floor, and an opportunity to possibly go long.
Looking at our four hour chart, below, there are no clear bullish signs. This hints that we are unlikely to get any intraday recovery. There is a chance of correcting lower to the technical level of 1.0940 then 1.0855.
