The USDCAD has finally moved higher and into the first minor resistance after breaking the high of the weekly pin bar reversal. Price has been struggling to move anywhere for the previous two weeks, but after breaking higher, price quickly moved into the near term level. This pin bar was discussed on the 24th of of September when it first formed and the original post can be read here: The USDCAD Has Fired Off a Weekly Pin Bar Reversal
As with all pin bars; it is key that the trader does not take entry until the high or low of the pin bar is taken out and the pin bar has been confirmed. As we can see with the pin bar on the USDCAD, once the high was taken out price quickly moved higher and into the next level. As I write this post price is now at the first minor resistance level. If price can break this level price may be able to move into the next major resistance.
This pin bar was with the recent trend which always increases the odds of the trade being a winning one. At Forex School Online we highly advise new traders stick to only trend trading. Once traders become experienced they quickly learn to make the majority of their trading with the trend simply because of how much easier and more profitable trend trading is. To learn how to trend trade with price action see here: How to Trend Trade Price Action
USDCAD Weekly Chart