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.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Bearish
Oil - US Crude
Mixed
Wall Street
Bearish
Gold
Bearish
GBP/USD
Bearish
USD/JPY
Bullish
More View more
Real Time News
  • Commodities Update: As of 03:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.18% Gold: -0.05% Silver: -0.09% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/oXdl8CHoGU
  • The New Zealand Dollar may resume its broader uptrend, with NZD/USD and NZD/JPY eyeing key rising support. NZD/CAD and NZD/CHF appear to have more room for near-term losses, however.Get your market update from @ddubrovskyFX here:https://t.co/6hD7zsNHIh https://t.co/NaOCtsHiYZ
  • Forex Update: As of 03:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.19% 🇳🇿NZD: 0.05% 🇨🇭CHF: 0.04% 🇯🇵JPY: -0.04% 🇬🇧GBP: -0.05% 🇪🇺EUR: -0.08% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/WjzgZe8s8k
  • Heads Up:🇦🇺 RBA Kearns Speech due at 03:25 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-03-04
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 93.26%, while traders in Germany 30 are at opposite extremes with 70.93%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/NwFMRKxdiJ
  • Commodities Update: NYM WTI Crude 61.42 (+0.26%), ICE Brent Crude 64.30 (+0.36%), NYM NYH Gasoline 194.58 (-0.31%). [delayed]
  • Copper is on track to make a sixth consecutive monthly gain as prices inch towards its all-time high. The global backdrop remains supportive despite a short-term pause in the rally. Get your market update from @FxWestwater here:https://t.co/STEYeIG042 https://t.co/L6WceMn60d
  • Precious Metals Update: #Gold 1716.11 (+0.28%), #Aluminum 2,200.00 (-0.52%), and #Copper 9,101.50 (-0.75%) [delayed]
  • RT @KyleR_IG: The seasonally adjusted balance on goods and services surplus increased $3,009m to $10,142m in January. Goods and services…
  • RT @KyleR_IG: The January 2021 seasonally adjusted estimate: * Rose 0.5% month-on-month. * This updates the rise of 0.6% published in t…
FX Reversals: USDCAD Tests Support

FX Reversals: USDCAD Tests Support

Walker England, Forex Trading Instructor

Talking Points

  • USDCAD Tests S3 Support
  • Range Resistance Found at 1.0992
  • Prices above R4 Signal a Breakout

USDCAD 30min Chart

FX Reversals: USDCAD Tests Support

(Created using FXCM’s Marketscope 2.0 charts)

Going into Fridays close, we evaluated the USDCAD as breaking up through previously mentioned levels of resistance. However, as we begin a new trading week, the USDCAD is now retracing back down from its previous highs. As seen in the chart above, the pair has retraced to its daily range support found at the S3 camarilla pivot near 1.0951. If support holds, traders may look for price to bounce back towards resistance. Range resistance is currently found at 1.0992, which can also be used as a primary target for range reversal traders.

Next, traders should pay attention to today’s two breakout values. A break of price above R4 at 1.1012 would show a strong bullish continuation with the creation of new higher highs. This directly contrasts with a break below S4 at 1.0931. A move below last support would potentially expose the market to a broader market reversal. In the event of a breakout, it should be noted that market conditions are changing and signal an end of range bound markets. Traders can then consider positioning themselves with new market momentum.

FX Reversals: USDCAD Tests Support

Are you unfamiliar with camarilla pivots and trading intraday market reversals? Feel free to catch up, on the latest information using the article series linked below!

Add Pivots in 3 Easy Steps

FX Reversals with CCI and Cam Pivots

Trading Intraday Market Reversals

Forex Breakouts and Pivots

Then, to practice setting up orders using Camarilla Pivots, register for a FREE Forex demo with FXCM. This way you can develop your scalping techniques while tracking the market in real time.

Click HERE to Register Now

---Written by Walker England, Trading Instructor

To contact Walker, email instructor@dailyfx.com. Follow me on Twitter @WEnglandFX.

To be added to Walker’s e-mail distribution list, CLICK HERE and enter in your email information.

Previous Market Setups:

FX Reversals: USDJPY Breakout Update

FX Reversals: GBPUSD Market Breakout

FX Reversals: EURUSD Reversal Range

FX Reversals: AUDUSD Morning Breakout

FX Reversals: USDCAD Morning Breakout Update

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

DISCLOSURES