USDCAD Breakout + Pin Bar Rejection | Jan 9th

USDCAD – Breakout of Key Level Preceded By Dual Pin Bars
After consolidating for the month of December, the USDCAD finally broke above the key 1.07 level. The breakout was preceded by dual pin bar rejections of the 20ema and dynamic support. After hitting a high today around 1.0850, the pair formed another pin bar suggesting a pullback may ensue. I’ll look for a breakout pullback setup around the 1.07/0736 area to trade with the trend. Upside targets will be 1.0850 and 1.0900. Only a daily close below 1.07 will negate my short term bearish bias.

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I'm Chris Capre, Founder of 2ndSkiesForex. I help traders of all levels change the way they think, trade and perform. As a professional trader, I specialize in trading price action. As a teacher, my passion lies in showing you how to re-wire your brain for successful trading. Want to improve your edge right now? Visit my Price Action Course page.

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  • Frank Page

    Good article Chris. I have also spotted this breakout and am presently waiting for a pullback entry!