FX Reversals: USDCAD Attempts an Early Morning Breakout
- The USDCAD attempts to breakout under 1.3201
- Today’s range measures 85 pips
- R3 resistance is found at 1.3328
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 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.
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---Written by Walker England, Trading Instructor
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