Skip to content
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. See our updated Privacy Policy here.

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
More View more
Forex Reversals: USDCAD Remains Supported

Forex Reversals: USDCAD Remains Supported

Walker England, Forex Trading Instructor

Talking Points

  • USDCAD trades in a 44 pip range
  • Range resistance is found at 1.2725
  • Bearish breakouts begin at 1.2658

USDCAD 30Minute Chart

Forex Reversals: USDCAD Remains Supported

(Created using Trading View Charts: Click on the chart below to zoom in; after zooming in, press the play button towards the right to set the market in motion)

Looking for more FX Reversals? Sign up for my email list here: SIGN UP HERE

The USDCAD has been on the watch list of most Forex traders this week due to a slew of US and Canadian data releases on the economic calendar. This morning the pair started today’s trading inside of a 44 pip range in anticipation of Canadian employment figures. Despite numbers coming out better than expectedprice has remained range bound, and has recent moved off range support, which is found at the S3 pivot at a price of 1.2681. If price remains range bound, a bounce in price would suggest a return towards values of resistance, including today’s R3 pivot at 1.2725. It should be noted that at this point in the trading day the USDCAD has already traversed its range twice.

In the event that prices return back in the direction of the daily trend, traders will watch for a breakout above the R4 pivot at 1.2747. An advance above this point would suggest a bullish bias for the pair, as prices move towards higher highs. Conversely, a move below the S4 pivot at 1.2658 would also open the USDCAD to the possibility of a breakout. If prices begin to break through key values of support, this would suggest a bullish reversal for the pair.

Forex Reversals: USDCAD Remains Supported

Are you unfamiliar with camarilla pivots and trading intraday market reversals? Increase your trading education with DailyFX! You can continue learning about Forex and working on your trading education HERE.

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.

Previous Market Setups

USDJPY Support & resistance Update

AUDUSD Morning Breakout

NZDUSD Trades to 2015 Lows

EURUSD Continues Trading in Range

USDollar Retraces to Support

---Written by Walker England, Trading Instructor

To Receive Walkers’ analysis directly via email, pleaseSIGN UP HERE

To contact Walker, email instructor@dailyfx.com.

Contact and Follow Walker on Twitter @WEnglandFX.

Video Lessons || Free Forex Training

Trading Using Fibonacci (13:08)

Reading the RSI, Relative Strength Index (13:57)

Money Management Principles (31:44)

Trade Like a Professional Workshop (1:44:14)

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

DISCLOSURES