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
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
More View more
Real Time News
  • Waiting for the Section 232 auto tariff decision due today like... https://t.co/9K58s23VcT
  • RT @FxWestwater: Powell, Fed Officials Highlight US Economy, Debt & Repo Strains Get your market update @DailyFX #FOMC $DXY #USD #Fed…
  • Commodities Update: As of 21:00, these are your best and worst performers based on the London trading schedule: Gold: 0.53% Silver: 0.35% Oil - US Crude: 0.20% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/7C3JtRpJc2
  • Fed Funds Futures are pricing a 7.7% probability for a rate cut at next month's FOMC meeting, down from 57.7% on October 3rd https://t.co/0YSVotzeMk
  • RT @ZabelinDimitri: - #USDBRL reaching edging closer to retesting 14-month high - Recent price action suggesting upside momentum is waning…
  • 🇳🇿 NZD BusinessNZ Manufacturing PMI (OCT), Actual: 52.6 Expected: N/A Previous: 48.8 https://www.dailyfx.com/economic-calendar#2019-11-14
  • 🇳🇿 NZD BusinessNZ Manufacturing PMI (OCT), Actual: 52.6 Expected: N/A Previous: 48.4 https://www.dailyfx.com/economic-calendar#2019-11-14
  • Crude #oil prices remain trapped in the sideways consolidation that has defined price action since October 31. Get your market update from @CVecchioFX on crude oil here: https://t.co/v5OKIqX6Z1 #OOTT https://t.co/hzbfxcH6eN
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.57%, while traders in France 40 are at opposite extremes with 84.14%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/czS6J7TV5z
  • Just a reminder, the White House's deadline on the auto tariff decision is due today after the extension. Stay on Twitter watch. Trump seems to like make big calls shortly after the close...
USD/CAD Pending Bullish Breakout

USD/CAD Pending Bullish Breakout

2017-05-15 18:12:00
Walker England, Forex Trading Instructor

Market Condition: USD/CAD Pending Breakout

Target 1:______2X ATR at 1.3948

Target 2:______4X ATR at 1.4102

USD/CAD Daily Chart with Yearly High

USD/CAD Pending Bullish Breakout

(Created Using IG Charts)

The USD/CAD has retraced off of its yearly highs, to test a key value of support at 1.3600. If prices remain supported, traders may begin looking for new breakout opportunities over the standing 2017 high at 1.3794. Current daily ATR for the USD/CAD reads at 77 pips. Traders looking for a 2X ATR pricing target may set initial orders to take profit near 1.3948. Further extensions include a 4X ATR profit target near 1.4102. Traders may also consider using ATR to manage risk. A 1X ATR stop loss at 1.3717 may be considered to create an initial 1:2 risk/reward ratio.

In the event that the USD/CAD fails to breakout to a higher high, traders should watch for the pair to decline beneath 1.3600. A move below this price may suggest that a larger bearish correction is occurring. In this scenario, traders may elect to delete any pending orders to buy the market while looking for other breakout opportunities elsewhere.

--- Written by Walker, Analyst for DailyFX.com

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

See Walker’s most recent articles at hisBio Page.

Contact and Follow Walker on Twitter @WEnglandFX.

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


News & Analysis at your fingertips.