USD/CAD Bullish Cup with Handle Pattern
|The USD/CAD has reversed from the bottom, making bullish cup with handle pattern (purple square) with two POC zones that could reject the price towards 1.3420 and 1.3460. POC1 (61.8, EMA89, ATR pivot, handle bottom) could reject the price on the first retracement into the zone, while POC2 1.3325-40 ( D L4, 88.6, trend line, ATR low) is deeper retracement, final intraday support zone and could also reject the price if we see a retracement into the zone. targets for this USD/CAD bullish move are 1.3420 and 1.3460 on a subsequent breakout.
Quick Summary:
W H3 - Weekly H3 Camarilla (Weekly resistance)
POC - Point Of Confluence (The zone where we expect price to react - aka entry zone)
D L4 - Daily L4 Camarilla (Daily support)
Interested in USDCAD technicals? Check out the key levels
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.