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
The analysis and the article presents Nenad's opinion. Remember, financial trading is highly speculative & may lead to the loss of your funds. Proper risk management is the Holy Grail of trading.
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