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
Mixed
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
Oil - US Crude
Bearish
Wall Street
Bullish
Gold
Bullish
GBP/USD
Mixed
USD/JPY
Bullish
More View more
Real Time News
  • Indices Update: As of 07:00, these are your best and worst performers based on the London trading schedule: Germany 30: 1.33% France 40: 1.21% Wall Street: 0.29% US 500: 0.26% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/wVfG8eTkn4
  • The $USD suddenly seems scarce amid the #coronavirus outbreak. That threatens short-term financing underpinning global supply chains, despite the Fed’s epic efforts. Get your US Dollar market update from @DavidCottleFX here:https://t.co/D2p2VlkpJi https://t.co/GgQN6zFGG0
  • My trading video for today: 'S&P 500 Closes Best Week in 45 Years Unperturbed by Data, Helped by Fed' https://www.dailyfx.com/forex/video/daily_news_report/2020/04/10/SP-500-Closes-Best-Week-in-45-Years-Unperturbed-by-Data-Helped-by-Fed.html?ref-author=Kicklighter&QPID=917719&CHID=9
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 95.22%, while traders in Wall Street are at opposite extremes with 78.06%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/35HQhfNLVr
  • Forex Update: As of 04:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.12% 🇨🇦CAD: 0.11% 🇪🇺EUR: 0.09% 🇬🇧GBP: 0.04% 🇦🇺AUD: 0.03% 🇳🇿NZD: 0.01% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/eTpRMCtc2k
  • Indices Update: As of 04:00, these are your best and worst performers based on the London trading schedule: Germany 30: 1.33% France 40: 1.21% Wall Street: 0.29% US 500: 0.26% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/okA8WJ8OLb
  • #Gold prices well-supported as keeping interest rates ultra-low in response to the 2008 global financial crisis proves problematic for fighting the next one, the #coronavirus outbreak. Get your $XAUUSD market update from @DavidCottleFX here:https://t.co/zNpjufGv2b https://t.co/iUtAYQYi8D
  • #Dow Jones, DAX 40 and CAC 40 short exposure has been rising alongside their recent ascents. What can this mean for the outlook in global stock markets? Find out from @ddubrovskyFX here:https://t.co/NBlD6xlQRb https://t.co/Ra6C480Czl
  • Commodities Update: As of 02:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 1.18% Silver: 0.00% Gold: 0.00% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/BBFCXmkgWy
  • Forex Update: As of 02:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: -0.00% 🇪🇺EUR: -0.01% 🇯🇵JPY: -0.02% 🇦🇺AUD: -0.09% 🇨🇦CAD: -0.11% 🇳🇿NZD: -0.12% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/sN5ig7prHE
USD/CAD Prepares for a Bullish Breakout

USD/CAD Prepares for a Bullish Breakout

2016-06-25 09:00:00
Walker England, Forex Trading Instructor
Share:

Market Condition: USD/CAD Daily Breakout

Target 1: 2x ATR 1.3410

Target 2: 4x ATR 1.3676

Invalidation: Continued Consolidation Under 1.3100

USD/CAD Daily Chart

USD/CAD Prepares for a Bullish Breakout

(Created using Marketscope 2.0 Charts)

The USD/CAD advanced as much as 388 pips last Friday, and is now attempting to breakout to a new 20 Day High. Traders looking to join the bullish trend may look to place entry orders above the June 2 high at 1.3144. Current Daily ATR for the USD/CAD reads at 133 pips. Traders looking for a 2X ATR move may plan for initial profit targets near 1.3410. Alternatively, a 4X ATR extension places targets near 1.3676

Traders may also consider using a 1X ATR stop at 1.3011. This creates a 1:2 Risk/Reward ratio for an attempted breakout when an initial take profit point of 1.3410 is used.

In the event that prices fail to breakout to a new 20 day high, traders may elect to delete any pending entry orders. If price action remains under 1.3100, it may signal further consolidation for the pair.

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.