By Admiral Markets
The USD/CAD has formed a bullish marubozu (strong momentum candle) on daily timeframe (see the mini daily chart) which marks an uptrend. Retracement towards POC might start at the break of trendline (red). If the price gets to POC (38.2, ATR low, D L4, EMA89) the POC zone should spike the price further up towards D H3 at 1.3513 and D H4/ATR High at 1.3540. Only above 1.3545 we could see 1.3600.
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D L3 – Daily Camarilla Pivot (Daily Interim Support)
D H3 – Daily Camarilla Pivot (Daily Interim Resistance)
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D H4 – Daily Camarilla Pivot (Strong Daily Resistance)
D L4 – Daily Camarilla Pivot (Very Strong Daily Support)
D L5 – Daily Camarilla Pivot (Strongest Daily Support)
W H5 – Weekly H4 Camarilla (Strongest Weekly Resistance)
POC – Point Of Confluence (The zone where we expect price to react aka entry zone)
Article by Admiral Markets
Admiral Markets is a leading online provider, offering trading with Forex and CFDs on stocks, indices, precious metals and energy.