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

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By in Forex Trading Commentary & Trade Signals by Nial Fuller Last updated on | No Comments

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.

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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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About Nial Fuller

is a Professional Trader & Author who is considered ‘The Authority’ on Price Action Trading. He has a monthly readership of 250,000+ traders and has taught 20,000+ students since 2008. In 2016, Nial won the Million Dollar Trader Competition. Checkout Nial's Professional Trading Course here.
  1. Viet July 11, 2019 at 12:32 am

    Nial, Im from Vietnam. I cannot describe how much I admire you.
    Never imagine some simple candle patterns have such power on the market.
    I always dream to be a successful trader living my free life with beloved but have never reached it after some years of ups and downs…a lot of pain, loss …
    I want to have a life like you, being happy with beloved wife and daughter and enjoy trading, please help me by posting more about your price action applications, I promise with you and with myself that I will appreciate every piece of experience from your posts.
    Many appreciation, admiration, loves and best wishes from me to you.

    Reply
    • Nial Fuller July 12, 2019 at 1:53 am

      Your comment is very appreciated, it is good to hear from traders in Vietnam.

      Reply

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