USDCAD W Formation: Forex Chart Markups, 8 June 2026

The USDCAD W formation on Wednesday 10 June 2026 is the only setup in six months of chart markups to score 8 of 8. The first leg came on US CPI at 08:30 New York, the second leg hunted the stops under it on the Bank of Canada decision at 09:45, and 1.38984 became the low of the week. Price ran 125 pips from there. It was also the busiest week we have marked up: 22 textbook setups and 7 partials.

The week in brief

• Markets: the seven forex majors and gold (XAUUSD, counted at 1 pip = $1), on 15-minute and 1-hour candles.
• Daily setups: 22 textbook and 7 partial.
• Weekly cycle: 6 of 8 markets turned midweek (USDJPY, USDCHF, AUDUSD, USDCAD, NZDUSD and XAUUSD).
• Setup of the week: USDCAD on Wednesday, W formation, 8 of 8 on confluence: 51 pips that day, 125 on the week.
• News in sync with a stop hunt: USD Consumer Price Index (MoM), Consumer Price Index (YoY), Consumer Price Index ex Food & Energy (MoM), Consumer Price Index ex Food & Energy (YoY); CAD BoC Interest Rate Decision, BoC Monetary Policy Statement; USD Producer Price Index ex Food & Energy (YoY).

USDCAD W formation: how to read these chart markups

New to these charts? Every markup reads price action in reverse. Retail traders are taught the same rules: buy the breakout, sell the breakdown, and put the stop just beyond the last high or low. So we know where their orders sit without seeing an order book. The blue box is the Asian range. The red crosses are retail stop losses. The hatched zone is the stop hunt, where price goes to collect them, and the big number in the header is what the reversal paid in pips. The full walkthrough is in How to Read a Forex Chart Markup.

The week at a glance: confluence ranking

Every daily setup of the week on one page, best first. The score is a tally of the eight confirmations the method lists, and the last column says what the rest of the week did with each level. USDCAD leads with 8 of 8.

The weekly cycle: induction, trap, reversal

The weekly cycle is the bigger picture behind every daily setup: an induction trend early in the week, the high or low of the week on Tuesday or Wednesday, then the reversal. We only draw it when the week actually turned, and each chart carries a checklist of which parts held. The idea is laid out in How to Read a Forex Chart Markup.

Gold (XAUUSD) · 340-pip reversal. The trap printed the high of the week at 4363.20 on Tuesday 09:45 New York, and the reversal ran 340 pips to 4023.59 by Thursday. 3 of 4 textbook checks held; the miss: no induction trend, Sun to Mon ranged instead of trending.

USDCAD · 125-pip reversal. The trap printed the low of the week at 1.38984 on Wednesday 09:45 New York, and the reversal ran 125 pips to 1.40235 by Thursday. 4 of 5 textbook checks held; the miss: no induction trend, Sun to Tue ranged instead of trending.

USDJPY · 103-pip reversal. The trap printed the high of the week at 160.594 on Thursday 08:30 New York, and the reversal ran 103 pips to 159.563 by Thursday. 3 of 5 textbook checks held; the miss: the high of the week came Thursday, not Tuesday or Wednesday.

AUDUSD · 81-pip reversal. The trap printed the low of the week at 0.69784 on Thursday 08:30 New York, and the reversal ran 81 pips to 0.70595 by Friday. 2 of 5 textbook checks held; the miss: the low of the week came Thursday, not Tuesday or Wednesday.

NZDUSD · 79-pip reversal. The trap printed the high of the week at 0.58476 on Tuesday 02:15 New York, and the reversal ran 79 pips to 0.57688 by Thursday. 3 of 4 textbook checks held; the miss: no induction trend, Sun to Mon ranged instead of trending.

USDCHF · 72-pip reversal. The trap printed the high of the week at 0.80126 on Thursday 13:15 New York, and the reversal ran 72 pips to 0.79406 by Friday. 3 of 4 textbook checks held; the miss: the high of the week came Thursday, not Tuesday or Wednesday.

No weekly cycle chart for EURUSD and GBPUSD: those markets did not make a midweek high or low and then reverse by at least 1.25 average daily ranges.

Setup of the week: USDCAD W formation, 10 June 2026

USDCAD spent the Asian session in a 21-pip range between 1.39363 and 1.39569. New York then broke the low of that range by 13 pips, to 1.39230 at 08:30 New York: the breakdown the crowd sells. Price pulled back to a neckline at 1.39381, then ran a second leg to 1.38984 at 09:45 New York, 25 pips past the first leg and 20 pips through Tuesday's low (1.39185). That second leg is the stop hunt. It took the stops resting below the first leg and trapped everyone who sold the new low. From there price reversed 51 pips to 1.39499 in 6h 15m, back inside the Asian range.

Now read it in reverse. At each of those prices, whose orders were waiting?

Where the retail stops were

• Buyers' stops below the Asian low, 1.39363: taken by the first leg.
• Stops below Tuesday's low, 1.39185: taken by the second leg.
• Sellers' stops above the neckline, 1.39381: taken as the reversal broke it.
• Sellers' stops above the Asian high, 1.39569: not reached.

The trade. The method buys against the breakout, on the second leg at the low of the day (1.38984). The stricter trigger, the first 15-minute close back inside, came with 25 pips of risk to the extreme and 27 pips to the high of the day, about 1 to 1.1. The method skips anything under 1 to 3, so from that trigger this one does not qualify. These numbers are measured after the fact from 15-minute candles.

Confirmations: 8 of 8. It had a clear Asian range, a second-leg stop hunt, a hunt at a session open, the previous day's level taken, high-impact news in sync, a Tuesday or Wednesday date, the high or low of the week and induction from the week's open. It is the low of the week.

The rules for this pattern are in How to Read a Forex Chart Markup. For another W formation, on EURUSD, see EURUSD W formation, week of 18 May 2026.

Textbook setups, day by day

A setup is textbook when the reversal clears the whole Asian range, or runs at least three quarters of the pair's average daily range. The daily cycle behind all of them, Asia consolidating, London breaking out and the reversal after, is covered in How to Read a Forex Chart Markup.

Monday · USDJPY · London stop hunt (42 pips). London took the stops below the Asian low at 159.849 (04:45 New York); the reversal went back inside the Asian range.

Monday · EURUSD · Both sides hunted (55 pips). London took the stops below the Asian low at 1.14999 (05:30 New York); the reversal went through the whole Asian range. Then the other side was hunted at 09:15 New York, 15 pips above the Asian high.

Monday · GBPUSD · Both sides hunted (64 pips). London took the stops below the Asian low at 1.33058 (05:30 New York); the reversal went through the whole Asian range. Then the other side was hunted at 07:30 New York, 19 pips above the Asian high.

Monday · USDCHF · London stop hunt (39 pips). London took the stops above the Asian high at 0.79863 (05:30 New York); the reversal went through the whole Asian range.

Monday · USDCAD · New York stop hunt (35 pips). New York took the stops below the Asian low at 1.39259 (08:30 New York); the reversal went through the whole Asian range.

Tuesday · USDCAD · Both sides hunted (50 pips). New York took the stops below the Asian low at 1.39185 (08:30 New York, 7 pips through Monday's low); the reversal went through the whole Asian range. Then the other side was hunted at 12:15 New York, 10 pips above the Asian high.

Tuesday · EURUSD · M formation (50 pips). The second leg took the stops above the first leg at 1.15780 (09:00 New York); the reversal went back inside the Asian range.

Tuesday · GBPUSD · M formation (52 pips). The second leg took the stops above the first leg at 1.34107 (09:45 New York); the reversal went back inside the Asian range.

Tuesday · USDCHF · W formation (43 pips). The second leg took the stops below the first leg at 0.79482 (09:45 New York); the reversal went through the whole Asian range.

Tuesday · Gold (XAUUSD) · New York stop hunt (127 pips). New York took the stops above the Asian high at 4363.20 (09:45 New York, 10 pips through Monday's high); the reversal went through the whole Asian range.

Wednesday · AUDUSD · New York stop hunt (43 pips). New York took the stops above the Asian high at 0.70370 (09:45 New York); the reversal went through the whole Asian range.

Wednesday · GBPUSD · M formation (56 pips). The second leg took the stops above the first leg at 1.34231 (09:45 New York, 12 pips through Tuesday's high); the reversal went back inside the Asian range.

Wednesday · NZDUSD · M formation (38 pips). The second leg took the stops above the first leg at 0.58323 (09:45 New York); the reversal went through the whole Asian range.

Wednesday · USDCHF · W formation (37 pips). The second leg took the stops below the first leg at 0.79647 (09:45 New York); the reversal went through the whole Asian range.

Thursday · AUDUSD · New York stop hunt (76 pips). New York took the stops below the Asian low at 0.69784 (08:30 New York); the reversal went through the whole Asian range.

Thursday · NZDUSD · W formation (75 pips). The second leg took the stops below the first leg at 0.57688 (08:30 New York); the reversal went through the whole Asian range.

Thursday · USDCAD · M formation (70 pips). The second leg took the stops above the first leg at 1.40235 (10:45 New York); the reversal went back inside the Asian range.

Thursday · GBPUSD · W formation (109 pips). The second leg took the stops below the first leg at 1.33243 (11:00 New York); the reversal went through the whole Asian range.

Thursday · EURUSD · W formation (87 pips). The second leg took the stops below the first leg at 1.15028 (13:15 New York); the reversal went through the whole Asian range.

Thursday · USDCHF · M formation (71 pips). The second leg took the stops above the first leg at 0.80126 (13:15 New York); the reversal went through the whole Asian range.

Friday · AUDUSD · London stop hunt (39 pips). London took the stops below the Asian low at 0.70208 (03:30 New York); the reversal went through the whole Asian range.

Partial setups: the structure without the follow-through

These printed the structure, but the reversal stalled inside the Asian range. They are worth studying for exactly that reason: the trap was real and the payoff was small.

Monday · AUDUSD · M formation (36 pips). The second leg took the stops above the first leg at 0.70778 (07:15 New York); the reversal went back inside the Asian range.

Monday · NZDUSD · London stop hunt (30 pips). London took the stops above the Asian high at 0.58367 (07:15 New York); the reversal went back inside the Asian range.

Tuesday · AUDUSD · W formation (31 pips). The second leg took the stops below the first leg at 0.70046 (12:30 New York, 15 pips through Monday's low); the reversal went back inside the Asian range.

Wednesday · EURUSD · M formation (39 pips). The second leg took the stops above the first leg at 1.15731 (09:45 New York); the reversal went back inside the Asian range.

Friday · GBPUSD · London stop hunt (42 pips). London took the stops below the Asian low at 1.33832 (03:30 New York); the reversal went back inside the Asian range.

Friday · USDCAD · London stop hunt (37 pips). London took the stops above the Asian high at 1.39954 (03:30 New York); the reversal went back inside the Asian range.

Friday · EURUSD · London stop hunt (30 pips). London took the stops above the Asian high at 1.15894 (05:15 New York); the reversal went back inside the Asian range.

Daily and weekly confluence, pair by pair

Each chart pins a pair's daily setups on its hourly chart for the week. The solid line is the move that day, the dashed line is how far it ran before the level was traded back through, and a gold band marks a weekly reversal. The table under each chart ticks the confirmations.

EURUSD. 6 setups, best 6 of 8 (Tuesday, M off the high). No midweek reversal.

GBPUSD. 6 setups, best 6 of 8 (Wednesday, M off the high). No midweek reversal.

USDJPY. 1 setup, best 2 of 8 (Monday, London stop hunt at the low).

USDCHF. 4 setups, best 4 of 8 (Thursday, M off the high).

AUDUSD. 5 setups, best 5 of 8 (Thursday, New York stop hunt at the low).

USDCAD. 6 setups, best 8 of 8 (Wednesday, W off the low).

NZDUSD. 3 setups, best 5 of 8 (Thursday, W off the low).

Gold (XAUUSD). 1 setup, best 5 of 8 (Tuesday, New York stop hunt at the high).

What this week teaches about reverse price action

Everything lined up because everything was built to line up. A clear Asian range, a first leg on one news release, a second leg on another, at the New York open, on a Wednesday, through Tuesday's low, at the low of the week. Each of those gives a retail trader one more reason to sell the breakdown, and each one adds stops under the market. Count the confirmations from the other side of the trade: the more reasons the crowd has to sell a low, the more fuel there is for the move up.

On the news itself: the event gives the crowd its reason, and the chart shows where the orders already were.

Frequently asked questions

What was the best forex setup in the week of 8 June 2026?

By confluence, USDCAD on Wednesday: a W off the low that scored 8 of 8. It moved 51 pips that day and 125 on the week. It was the low of the week.

Was there a midweek reversal in the week of 8 June 2026?

Yes, on 6 of the 8 markets we track: USDJPY, USDCHF, AUDUSD, USDCAD, NZDUSD and Gold (XAUUSD). The largest was Gold (XAUUSD), 340 pips from the high of the week at 4363.20.

What is a W formation in forex?

A W formation is the mirror image of an M, at a low. Price breaks below the Asian range, bounces to a neckline, then makes a second leg slightly under the first low. The second leg takes the stops under the first low and traps breakdown sellers. The method only trades a W off the low of the day.

Why do stop hunts happen on news releases?

A scheduled release brings the most orders into the market at a known minute. Price is often already sitting next to a level with stops behind it, and the release supplies the volume to take them. The timing of the event matters more than the number.

Related chart markups

• Previous week: NFP stop hunt, week of 1 June 2026
• Next week: Gold M formation, week of 15 June 2026
• EURUSD W formation, week of 18 May 2026: another W formation, on EURUSD
• GBPUSD W formation, week of 11 May 2026: another W formation, on GBPUSD
• USDJPY W formation, week of 13 July 2026: another W formation, on USDJPY
• All forex chart markups, week by week
• How to Read a Forex Chart Markup: what every mark on these charts means

Learn to read the chart this way. The Forexia Academy courses cover the Asian range, M and W formations and the weekly cycle step by step. Browse the courses.

These chart markups are made after the fact, for study. They are not signals and not trade advice. Candles: Dukascopy. Economic calendar: FXStreet. All times are New York. Stop-loss positions are the method's reading of the structure, not order-book data.