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DailyFX.com - 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 FX Reversals: USDCAD Declines on GDP Data (Created using Trading View Charts) Looking for more FX Reversals? S ign up for my email list here: SIGN UP HERE 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. FX Reversals: USDCAD Declines on GDP Data Want to learn more about camarilla pivots ? Increase your trading education with DailyFX! Get started learning about markets and trading intraday price reversals HERE . Once you are ready to get started , register for a FREE Forex demo with FXCM . This way you can practice your day trading techniques while watching Forex pairs in real time. Previous Market Setups FX Reversaks: GBPUSD Range Update FX Reversals: EURUSD Moves to Support On News FX Reversals: USDCAD Attempts Early Morning Breakout FX Reversals: EURUSD Attempts Breakout on News FX Reversals USDJPY Pre-NFP Range FX Reversals: EURUSD Breakout Fails ---Written by Walker England, Trading Instructor To Receive Walkers’ analysis directly via email, please SIGN UP HERE To contact Walker, email wengland@fxcm.com . Contact and Follow Walker on Twitter @WEnglandFX. Video Lessons || Free Forex Training Trading Using Fibonacci (13:08) Reading the RSI, Relative Strength Index (13:57) Money Management Principles (31:44) Trade Like a Professional Workshop (1:44:14) original source DailyFX provides forex news and technical analysis on the trends that influence the global currency markets. Learn forex trading with a free practice account and trading charts from FXCM . View comments
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