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FX Reversals: USDCAD Post News Update

FX Reversals: USDCAD Post News Update

2014-09-05 14:16:00
Walker England, Forex Trading Instructor
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Talking Points

  • USDCAD Stays in Range Post NFP
  • R3 Resistance Sits at 1.0897
  • Market Breakouts Signaled Under 1.0824

USDCAD 30min Chart

FX Reversals: USDCAD Post News Update

(Created using FXCM’s Marketscope 2.0 charts)

Even with a worse than anticipated Non-Farm Payroll (NFP) figure this morning, the USDCAD currency pair remains unshaken. During the event the pair tested both values of support and resistance, but at present has failed to break out. Currently range resistance is found at the R3 pivot near 1.0897, and support at S3 near 1.0848. With both values still being respected, reversal traders can look to trade the current range.

A breakout above the R4 pivot or below the S4 pivot, would signal an end to ranging conditions. A price move above R4 at 1.0921 would indicate further USD strength, as the pair moves to a higher high. Conversely, a price break below last support at 1.0824, would indicate momentum shifting towards lower lows for the USDCAD. In either of the above breakout scenarios, the range should be considered concluded with traders then positioning themselves with the markets new direction.

FX Reversals: USDCAD Post News Update

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.

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---Written by Walker England, Trading Instructor

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

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Previous Market Setups:

FX Reversals: USDCAD Tests Support

FX Reversals: EURGBP Breaks Final Support

FX Reversals: EURUSD Morning Reversal Update

FX Reversals: USDCHF Trading Values

FX Reversals: CADJPY Breakout

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

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