DailyFX.com -

Talking Points

  • USDCAD Bounces Off Support on News
  • Range Support Found at 1.0915
  • Prices above R4 Signal a Breakout

USDCAD 30min Chart

FX Reversals: USDCAD Morning Breakout Update

(Created using FXCM’s Marketscope 2.0 charts)

The USDCAD, began the Friday U.S. trading session reversing between key points of range support and resistance. Prior to this morning’s Canadian employment data the USDCAD rested at the S3 camarilla pivot support line found at 1.0915. A worse than expected data print then caused the pair to bounce immediately off the S3 pivot and then breakout above the R3 resistance line at 1.0934. With a move through the pivot range, traders should begin to watch the R4 line as the last point of resistance for the pair.

The daily USDCAD R4 resistance pivot is currently at 1.0944. As price moves above this value signals a conclusion of the early range bound environment as price moves to a higher high. Directional traders may use this strong surge in momentum to consider new buy orders with the current trend. However, breakout traders should be aware that a reversal back inside of the trading range would insinuate a close to the current breakout market.

FX Reversals: USDCAD Morning Breakout Update

Are you unfamiliar with camarilla pivots and trading intraday market reversals? Feel free to catch up, on the latest information using the article series linked below!

Add Cam Pivots in 3 Steps

FX Reversals with CCI and Cam Pivots

Trading Intraday Market Reversals

Forex Breakouts and Pivots

Then, to practice setting up orders using Camarilla Pivots, register for a FREE Forex demo with FXCM. This way you can develop your scalping techniques while tracking the market in real time.

Click HERE to Register Now

Related Articles
  1. Investing News

    China’s Forex Reserves Dropped Significantly

    China’s forex​ reserves dropped by a record $93.9 billion at the end of August to $3.56 trillion because the Central Bank has been selling dollars to provide a cushion to the falling yuan​
  2. Forex

    The Pros and Cons of a Fully Convertible Rupee

    Amid the rising economic power of India, the talks of making the Indian currency fully convertible are gaining momentum. We look at the pros and cons.
  3. Forex Fundamentals

    Chinese Yuan an Unlikely Reserve Currency

    As the world's second largest economy, China's challenge to America’s dominance includes a push to make the yuan (RMB), the world’s reserve currency. Whether it can do that now is unclear.
  4. Economics

    How Currency Enforcement Helped Sink The Trans-Pacific Partnership (TTP)

    One particular barrier to trade that has received much attention of late and caused delays in negotiations of the TPP is exchange-rate manipulation, by which a country artificially devalues its ...
  5. Forex

    Top U.S Forex News Sites

    Breaking news moves forex markets. Here are the top U.S. sites for tracking forex news.
  6. Investing

    Financial News Comparison: Bloomberg Vs. Reuters

    Access to financial information has grown with the expansion of digital news. Bloomberg and Thomson Reuters lead the pack, claiming a majority of the business information market.
  7. Economics

    Who Benefits From South Korea's Lowered Interest Rates?

    South Korea is the latest country to cut interest rates in an attempt to stimulate economic growth.
  8. Forex Education

    The Top Uses For P2P Currency Exchange

    Peer-to-peer (P2P) currency exchange networks offer a viable and cheaper alternative for buying and selling currencies.
  9. Forex

    Steps To Open An Offshore Forex Account

    Here is a simple breakdown of how to open an offshore forex account for US-based users, including legal requirements.
  10. Entrepreneurship

    Top Forex Trading Apps

    A brief overview of the top apps that help forex traders with on time information, charts and more.

You May Also Like

Hot Definitions
  1. Ex Works (EXW)

    An international trade term requiring the seller to make goods ready for pickup at his or her own place of business. All ...
  2. Letter of Intent - LOI

    A document outlining the terms of an agreement before it is finalized. LOIs are usually not legally binding in their entirety. ...
  3. Purchasing Power

    The value of a currency expressed in terms of the amount of goods or services that one unit of money can buy. Purchasing ...
  4. Real Estate Investment Trust - REIT

    A REIT is a type of security that invests in real estate through property or mortgages and often trades on major exchanges ...
  5. Section 1231 Property

    A tax term relating to depreciable business property that has been held for over a year. Section 1231 property includes buildings, ...
  6. Term Deposit

    A deposit held at a financial institution that has a fixed term, and guarantees return of principal.
Trading Center
You are using adblocking software

Want access to all of Investopedia? Add us to your “whitelist”
so you'll never miss a feature!