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USD/CAD Making a U-Turn From the Support

Nenad Kerkez

The USD/CAD has made a U-turn from the W L3 level, after a breakout of inverted head and shoulders pattern. At this point, 1.3150-75 is the POC zone, and we might see a bounce from the zone during the London/New York session. Targets are 1.3220 and 1.3250. Continuation is only possible at the 4h close or strong 1h momentum above 1.3250 which should initially be hard to break due to the weekly/daily pivot confluence. If the price breaks it, 1.3290 should be next.

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  • W L3 – Weekly Camarilla Pivot (Weekly Interim Support)
  • W H3 – Weekly Camarilla Pivot (Weekly Interim Resistance)
  • W H4 – Weekly Camarilla Pivot (Strong Weekly Resistance)
  • D H4 – Daily Camarilla Pivot (Very Strong Daily Resistance)
  • D L3 – Daily Camarilla Pivot (Daily Support)
  • D L4 – Daily H4 Camarilla (Very Strong Daily Support)
  • POC – Point Of Confluence (The zone where we expect the price to react aka entry zone)

Best wishes,

Nenad

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This article was originally posted on FX Empire

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