USDCAD Tests Range Support
- The USDCAD tests support
- Today’s S3 pivot is located at 1.1929
- A move above R4 suggests a bullish reversal
USDCAD 30Minute Chart
(Created using FXCM’s Marketscope 2.0 charts)
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The USDCAD has started today’s trading inside of a 55 pip range. Price has recently moved off range support, which is found at the S3 pivot at a price of 1.1929. If price remains range bound, a bounce in price would suggest a return towards values of resistance. A move higher at this point would be contrary to this week’s trend however, as the USDCAD has already declined as much as 225 pips since Monday. Currently, today's range resistance resides at the R3 pivot at 1.1984.
In the event that prices return back in the direction of the trend, traders will watch for a breakout below the S4 pivot at 1.1901. A decline below this point would suggest further weakness for the pair, as prices move towards lower lows. Conversely, a move above the R4 pivot at 1.2011 would also open the USDCAD to the possibility of a breakout. If prices begin to break through key values of resistance, this would suggest a bullish reversal for the pair.
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---Written by Walker England, Trading Instructor
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