The USD/CAD could possibly make a retracement move towards the POC Zone. The pair is in the oversold territory.–>
1.3350-60 is the POC zone, where we could see fresh sellers. A shorter retracement could target the ATR top – 1.3308. Look for bearish reversal pattern that could see a drop from any of those levels towards 1.3273, 1.3237 and 1.3200. The signal for a potential retracement (counter trend) is a green dot on the chart at 1.3273 level. Watch for an interim bullish price action above the 1.3273 towards either the ATR high or the POC zone.
The analysis has been done with the CAMMACD.MTF template.
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Many green pips,
Nenad Kerkez aka Tarantula FX
This article was originally posted on FX Empire
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