USD/CAD Pin Bar at Daily Support

Good afternoon traders,

We’ve spent a bit of time on the blog recently, talking about these key USD/CAD zones which price has been bouncing off in both directions.

When good quality levels are combined with price action represented by candlestick patterns, you are setting yourself up for success as a forex trader. Take a look at the following bullish pin bar that has formed on the key support zone that we’ve been following:

USD/CAD Daily:

Click on chart to see a larger view.

We can see that price is now starting to bounce out of the zone and if you zoom into an intraday chart, you can see a nice stepping pattern forming. Each time that previous short term resistance is retested as support, while still above the higher time frame zone, bullish strength is further confirmed.

Enjoy your hump day and best of probabilities to you!

Dane Williams – Vantage FX

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Source: Vantage FX Blog