Forex Reversals: USDCAD Remains Supported
- USDCAD trades in a 44 pip range
- Range resistance is found at 1.2725
- Bearish breakouts begin at 1.2658
USDCAD 30Minute Chart
(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)
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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.
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---Written by Walker England, Trading Instructor
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