The USDCAD has fired off a Pin Bar reversal on the daily chart. Price is ranging on the daily chart and not moving in any clear direction with no obvious key trend being able to be identified. Price has moved higher up to the high of the range to test the highs and this is when the bearish Pin Bar was formed.
For price to have any chance of moving lower price is going to have to break the low of the Pin Bar. The chart below shows that after the Pin Bar was formed a small inside bar has then followed. This is a common occurrence and can often signal that the market is winding up. If price can manage to break lower and make a move, the near term low support comes in around 1.0450. If price moves higher, the very next level price will have to test is the high of the range which the pin bar last rejected.
USDCAD DAILY CHART
Hi, I am short right now. I enter at 50 % retrace of the Pin Bar. +34 pips at the moment. Stop is still at the top of Pin Bar.
Would you comment Pin Bar on daily chart on EUR CAD? What do you think? Thanks!
Hello, what is your opinion of the EURCAD Pin Bar?