The USD/CAD has formed a rounded bottom pattern. We can see that the previous high is being tested and if the 4h closes above it (1.2862), we should see a continuation to the upside. POC 1.2800-20 could also spike the pair in the case of retracement. The first target is 1.2894 and the final target is 1.2940. However the BOC Governor, Mr.Poloz will speak later today so pay attention to higher volatility. Ideally, for bulls, the price should remain above 1.2790.
W L3 - Weekly Camarilla Pivot (Weekly Interim Support)
W H3 - Weekly Camarilla Pivot (Weekly Interim Resistance)
W H4 - Weekly Camarilla Pivot (Strong Weekly Resistance)
M H4 - Monthly Camarilla Pivot (Very StrongMonthly Resistance)
ML3 – Monthly Camarilla Pivot (Monthly Support)
ML4 – Monthly H4 Camarilla (Very Strong Monthly Support)
POC - Point Of Confluence (The zone where we expect price to react aka entry zone)
USDCAD Current Trading Positions
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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