Forex Trade Setups Commentary: USDCAD bull pin bar off support 8-7-10

Forex Trade Setups Commentary:

USDCAD bull pin bar off support

On Thursday the USDCAD formed a bullish pin bar showing rejection of the support level near 1.0100.

As we can see in the chart below this level gave rise to a very strong pin bar / fakey setup back in May which worked out very well, which meant this level was a significant one to watch. We posted up this great USDCAD pin bar setup in the member’s commentary very soon after the pin bar closed out on Thursday.

Price has also formed a bullish rejection bar on the weekly which may give rise to higher prices this upcoming trading week.

For a more in-depth analysis of the major forex currency pairs and price action analysis, please check out my forex trading course.

Commentary:

The U.S. dollar ended the day on Friday mostly lower against the other majors but did manage to grind out a very solid gain against the Canadian dollar after a very disappointing Canadian employment report.

The Dow lost 21.42 points, or 0.20 percent, the S&P 500 dropped 4.17 points, or 0.37 percent, and the Nasdaq lost 4.59 points, or 0.20 percent.

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