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.

Free Trading Guides
EUR/USD
Bullish
Oil - US Crude
Bearish
Wall Street
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Mixed
GBP/USD
Bullish
USD/JPY
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • LIVE IN 30 MIN: : In this session, Currency Analyst @ZabelinDimitri will analyze the cross-asset impact of geopolitical risks affecting markets in the week ahead. https://www.dailyfx.com/webinars/146770987
  • Join @ZabelinDimitri 's #webinar at 11:30 PM ET/3:30 AM GMT to find out how geopolitical risk will affect the markets in the week ahead. Register here: https://t.co/hsULxMNOtM https://t.co/9PL0a6oCMD
  • Commodities Update: As of 02:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: -0.20% Gold: -0.32% Silver: -0.63% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/gMZdyMsJMi
  • $AUD May Fall on Australia-China Tensions, #Euro Eyes €500b Proposal - https://www.dailyfx.com/forex/fundamental/article/special_report/2020/05/25/AUD-May-Fall-on-Australia-China-Tensions-Euro-Eyes-500b-Proposal.html EUR/AUD forecast included
  • Forex Update: As of 02:00, these are your best and worst performers based on the London trading schedule: 🇨🇦CAD: 0.08% 🇬🇧GBP: 0.07% 🇯🇵JPY: -0.02% 🇦🇺AUD: -0.05% 🇨🇭CHF: -0.08% 🇪🇺EUR: -0.09% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/WlCujJCWkP
  • LIVE NOW: Join DailyFX Senior Strategist @IlyaSpivak LIVE as he discusses the outlook for the financial markets in the week ahead! https://www.dailyfx.com/webinars/889679267
  • The Australian Dollar market is headed for a bare domestic data cupboard which will once again leave overall market risk appetite in charge. Get your $AUDUSD market update from @DavidCottleFX here: https://t.co/PaURQyZN79 https://t.co/XGcZEGFX91
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.12%, while traders in US 500 are at opposite extremes with 79.33%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/6yxLb0Zhsi
  • AUD/USD Technical Analysis: False Break Higher to Mark Top? - https://www.dailyfx.com/forex/technical/home/analysis/aud-usd/2020/05/25/AUDUSD-Technical-Analysis-False-Break-Higher-to-Mark-Top.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Spivak&utm_campaign=twr #AUDUSD #technicalanalysis https://t.co/8mOURfT0hp
  • LIVE IN 30 MIN: Join DailyFX Senior Strategist @IlyaSpivak LIVE as he discusses the outlook for the financial markets in the week ahead! https://www.dailyfx.com/webinars/889679267
USDCAD Daily Inside Bar

USDCAD Daily Inside Bar

2015-09-25 17:21:00
Walker England, Forex Trading Instructor
Share:

Market Condition: Pending Breakout

Target 1: 100% of Daily ATR (104 pips)

Target 2: 200% of Daily ATR (208 pips)

Invalidation: Continued Consolidation

USDCAD 1Day Chart

USDCAD Daily Inside Bar

(Created using Marketscope 2.0 Charts)

After trading to a new 2015 high yesterday, the USDCAD is working on closing out Friday’s trading by creation an inside bar. If the current price action closes “inside” of the reference candles high and low, as displayed in the graph above, traders may begin looking for a breakout at the start of next week’s trading. Resistance is marked by yesterday’s high at 1.3416. A breakout above this value would be considered bullish on the creation of a new yearly high. Conversely, a move below support found at 1.3291 would be considered bearish. In the event of either breakout scenario, ATR can be used to project potential profit targets. Current daily ATR equals 104 pips and can be added to an entry in either scenario.

In the event that prices fail to breakout below the high and low set by the reference candle, this suggests that the USDCAD will continue to consolidate inside of support and resistance. In this instance, it would tentatively delay the execution of any breakout based entry orders.

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

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

DISCLOSURES

News & Analysis at your fingertips.