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USD/CAD Prepares for a Bullish Breakout

USD/CAD Prepares for a Bullish Breakout

Walker England, Forex Trading Instructor

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

(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.

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