USDCAD Stalls at Resistance
Talking Points
-
Today’s
USDCAD
trading range measures 56 pips
- R3 range resistance is found at .1.3334
- Bullish breakouts begin over 1.3368
USDCAD 30Minute
Chart
(Created using Trading View Charts)
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The USDCAD has closed higher in five of the last six trading sessions, but as of yesterday the pair has sold off from its weekly high at 1.3415. If the USDCAD resumes its uptrend, traders will look for
prices
to breakout above today’s R4 pivot point. The R4 pivot point is found at 1.3368, and an extension of today’s 69 pip range puts preliminary bullish breakout targets at 1.3437. A move to this point would open the pair up to close at a new weekly high, and validate the current bull trend for the USDCAD.
Alternatively, price has currently stalled under today’s R3 Camarilla pivot, found at a price of 1.3334. If prices stay below this value it may suggest that this week’s bullish momentum has concluded. This would open up the pair to potentially decline towards values of support including today’s S3 pivot found at a price of 1.3265. In the event of a daily bearish reversal for the pair, traders will begin looking for breakouts in price below the S4 pivot at 1.3231. A move below this value would be considered significant, as it would be the first bearish breakout in the last four trading periods. In this scenario, the current bullish trend would be considered at least temporarily suspend going into this weeks close.
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Previous Market Setups
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rd
Bullish Breakout
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EURUSD Remains Range-Bound
—Written by Walker England, Trading Instructor
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