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
Bullish
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
GBP/USD
Bearish
USD/JPY
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
Gold
Bearish
Oil - US Crude
Mixed
Bitcoin
Bullish
More View more
Breaking news

British Pound surges after UK exit poll shows Conservatives expected to win 368 seats out of 650

Real Time News
  • Source reports add that China has committed to making $50bln in agricultural purchases in 2020 - RTRS
  • Source reports stated that the US and China have agreed to some tariff reductions and a delay on tariffs set to go into effect on December 15th - RTRS
  • If you were expecting a December resurgence rally, this is about the best combination of lift as you can expect - perception of Trade War and Brexit progress. Woe is the day that this fails to actually lift the markets
  • We get a December 15 tariff delay AND a Conservative majority in the UK election? APAC equities, #AUD, #NZD are going to have a fun time in the upcoming session
  • $USDJPY Daily Pivot Points: S3: 107.94 S2: 108.28 S1: 108.42 R1: 108.75 R2: 108.94 R3: 109.27 https://www.dailyfx.com/pivot-points?ref=SubNav?utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
  • $GBPUSD @ 1.35
  • $EURUSD has topped its trendline resistance back to May 2018 and the 200-day moving average as well. Wrapping up Brexit uncertainty would benefit the EU as well
  • The #Dow Jones surged to record levels on the back of a dovish #FOMC rate decision and hopeful trade war headlines. Get your market update from @PeterHanksFX here: https://t.co/8xAsf11xHe https://t.co/Mf0EjrLGXP
  • If you don't usually follow London/European markets, a good follow to get local insights during this UK election volatility is our own https://t.co/GhQS1Fuaxt
  • $USD $DXY | US Dollar Index plunges below the 97.00 handle to its lowest level since July as the British Pound rips higher on hopes that #Brexit 'paralysis' will be no longer https://t.co/k97BaRcPMK
FX Reversals: USDCAD Post News Update

FX Reversals: USDCAD Post News Update

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

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.

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: 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.

DISCLOSURES

News & Analysis at your fingertips.