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FX Reversals: USDCAD Declines on GDP Data

FX Reversals: USDCAD Declines on GDP Data

Walker England, Forex Trading Instructor

Talking Points

  • The USDCAD moves lower on Canadian GDP Data
  • Today’s range measures 116 pips
  • R4 breakouts begin at 1.5477

USDCAD 30Minute Chart

(Created using Trading View Charts)

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The USDCAD has moved off key points of resistance this morning after the release of Canadian GDP data for the month of June. Year over year, GDP was expected to be released at .4%. However with a better than expected print of .6% the CAD has quickly rallied against the USD and other major currencies. This has caused the pair to move back inside of today’s 116 pip trading range, starting with a drop below the R3 Camarilla pivot at 1.3197. If prices continue to decline the next major value of support is found at 1.3081, represented by the S3 pivot displayed below.

If prices continue to decline below the S3 pivot, it is worth noting that prices have closed down in the previous four trading sessions. Traders looking for a bearish breakout, should continue to monitor today’s S4 pivot point found at 1.3023. A move to this point would add validity to the USDCAD’s decline on the creation of a new lower low. Alternatively, in the event of a bullish reversal, traders will watch for a move back through the previously mentioned trading range, as well as attempt to break above the R4 pivot found at 1.3254. In this bullish scenario, it should be recognized that the current down trend would be considered at least temporarily invalidated.

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Previous Market Setups

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FX Reversals: USDCAD Attempts Early Morning Breakout

FX Reversals: EURUSD Attempts Breakout on News

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FX Reversals: EURUSD Breakout Fails

---Written by Walker England, Trading Instructor

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