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USD/CAD Hits Resistance After 4 Day Advance

USD/CAD Hits Resistance After 4 Day Advance

Walker England, Forex Trading Instructor


Talking Points

  • The USD/CAD Traders Higher for 4th Session
  • Short Term USD/CAD Resistance is Found at 1.3050
  • If you are looking for Forex trading Ideas, check out our Trading Guides.

The USD/CAD is rising for the 4th consecutive trading session, as the US Dollar continues to make gains against the majors. Currently the pair is testing resistance near 1.3050. This area is depicted below as the R3 pivot, and is acting resistance for today’s 63 pip trading range. If price fails to breakout above the R3 pivot, it opens the USD/CAD to trade back towards range support. This value is represented by the S3 pivot, and is found at a price of 1.2987.

Traders watching for a bullish continuation should monitor the R4 pivot, found at 1.3082. A move to this value would create a new daily high. At which point, traders may extrapolate a 1X extension of today’s 63 pip range to find initial bullish targets near 1.3145 Alternatively in the event of a bearish reversal, traders may look for the USD/CAD to potentially trader under 1.2956. This scenario would be significant as it would open the USD/CAD to close lower for the first time this week.

USD/CAD 30 Minute with Pivots

(Created by Walker England)

The ratio of long to short positions for the USD/CAD stands at +1.16. This SSI (speculative sentiment index) reading is little changed from last week, but does have a slight bias towards further USD/CAD price declines. In the event that the pair trades reverses lower, traders should look for SSI to move towards a more extreme positive value. Alternatively in the event of bullish breakout, traders should look for SSI to neutralize and potentially flip to a negative as traders begin to position themselves short the market.

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