Skip to Content
News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

Free Trading Guides
Subscribe
Please try again
Select

Live Webinar Events

0

Economic Calendar Events

0

Notify me about

Live Webinar Events
Economic Calendar Events

H

High

M

Medium

L

Low
More View More
USDCAD Stalls at Resistance

USDCAD Stalls at Resistance

Walker England, Forex Trading Instructor

Share:

Talking Points

  • Today’s USDCAD trading range measures 56 pips
  • R3 range resistance is found at .1.3334
  • Bullish breakouts begin over 1.3368

USDCAD 30Minute Chart

(Created using Trading View Charts)

Looking for more FX Reversals? Sign up for my email list here: SIGN UP HERE

The USDCAD has closed higher in five of the last six trading sessions, but as of yesterday the pair has sold off from its weekly high at 1.3415. If the USDCAD resumes its uptrend, traders will look for prices to breakout above today’s R4 pivot point. The R4 pivot point is found at 1.3368, and an extension of today’s 69 pip range puts preliminary bullish breakout targets at 1.3437. A move to this point would open the pair up to close at a new weekly high, and validate the current bull trend for the USDCAD.

Alternatively, price has currently stalled under today’s R3 Camarilla pivot, found at a price of 1.3334. If prices stay below this value it may suggest that this week’s bullish momentum has concluded. This would open up the pair to potentially decline towards values of support including today’s S3 pivot found at a price of 1.3265. In the event of a daily bearish reversal for the pair, traders will begin looking for breakouts in price below the S4 pivot at 1.3231. A move below this value would be considered significant, as it would be the first bearish breakout in the last four trading periods. In this scenario, the current bullish trend would be considered at least temporarily suspend going into this weeks close.

Want to get started trading with pivot points? Learn to use Camarilla pivots with DailyFX HERE.

Once you are ready to get started, register for a FREE Forex demo with FXCM. This way you can practiceyour day trading techniques while watching Forex pairs in real time.

Previous Market Setups

AUDUSD Attempts 3rd Daily Breakout

EURUSD Trades to Range Support

GBPUSD Attempts 3rd Bullish Breakout

USDollar Unchanged Pre-FOMC

EURUSD Remains Range-Bound

---Written by Walker England, Trading Instructor

To Receive Walkers’ analysis directly via email, please SIGN UP HERE

To contact Walker, email instructor@dailyfx.com.

Contact and Follow Walker on Twitter @WEnglandFX.

DISCLOSURES

Video Lessons || Free Forex Training

Trading Using Fibonacci (13:08)

Reading the RSI, Relative Strength Index (13:57)

Money Management Principles (31:44)

Trade Like a Professional Workshop (1:44:14)

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES