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FX Reversals: USDCAD Attempts an Early Morning Breakout

FX Reversals: USDCAD Attempts an Early Morning Breakout

Walker England, Forex Trading Instructor

Talking Points

  • The USDCAD attempts to breakout under 1.3201
  • Today’s range measures 85 pips
  • R3 resistance is found at 1.3328

USDCAD 30Minute Chart

FX Reversals: USDCAD Attempts an Early Morning Breakout

(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 started this morning’s US trading moving lower, with price action already attempting to break out beneath the currency pair’s daily S4 Camarilla pivot. Today’s S4 pivot point is located at 1.3201, and price has already attempted to break out below this value once this morning. After the first attempted breakout, price has retraced back above the previously mentioned pivot point. In the event prices move back below support, bearish traders may again look for fresh entries on a new breakout attempt. Bearish breakout targets can begin with 1x extension of today’s 85 pip trading range towards 1.3116.

In the event prices move back above today’s S3 pivot, any previous bearish breakout attempts for the USDCAD would be considered invalidated. The S3 pivot, found at 1.3243, marks the beginning of today’s trading range. Resistance for the day is market 85 pips higher at R3, at a price of 1.3328. Traders should lastly note that today is a heavy news day for the USD. The release of Augusts Consumer Confidence numbers are scheduled for later today at 14:00 GMT. As a high importance event, this event has the ability to significantly influence USDollar pairs including the USDCAD.

FX Reversals: USDCAD Attempts an Early Morning Breakout

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Previous Market Setups

FX Reversals: EURUSD Attempts Breakout on News

FX Reversals USDJPY Pre-NFP Range

FX Reversals: EURUSD Breakout Fails

FX Reversals: GBPUSD News Breakout

FX Reversals: EURUSD Support Update

---Written by Walker England, Trading Instructor

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