USDCAD

The USD/CAD pair rally during the day on Tuesday the 22/2/2017, breaking above the 1.31 handle. It looks as  the markets are going to have a significant amount of pushing  back at the 1.32 level above, so even though  a bullish move, I think it is going to be choppy in direction and difficult to deal with it. When I do find interesting,  the fact that the US dollar rose at the same time in  that the oil markets did, something that typically doesn’t work in this pair. If we can break above the 1.32 level, I feel that the buying mometrum continue.


Market snapshot: USD/CAD Pending Breakout
Target 1:Bullish position 1.3193 Bearish  position 1.2992
Target 2:Bullish position 1.3260 Bearish position1.2925
USD/CAD, Daily Chart & Inside Bar

The USD/CAD is set to conclude today’s session with the latest creation of an inside bar. Traders may elect to use last Friday’s high and low as a reference point, and plan for a breakout point later in the week. Bullish breakouts range may be identified over Friday’s high of 1.3156. Alternatively, bearish breakouts may be identified under point the low at 1.3059. The identified range measures 67 pips minimum, and this value can be used to measure preliminary pricing targets range. Half the value of the range may then be used to manage risk mitigate and create a 1:2 risk reward ratio in that position.
In the event of a wrong breakout traders may eselect to wait for further price action confirmation prior to reentering any positions. Alternatively, if the USD/CAD fails to breakout that range, traders may opt to trade further USD/CAD consolidation in price.