By Admiral Markets
Source: Admiral Markets MT5
The USD/CAD is rejecting the trend line and the POC zone 1.2580-1.2600 with a very congested move that still lacks the real bearish momentum. The weakness in oil prices weighs on CAD and that could be the reason for a consolidation without a bearish break. However if the pair keeps rejecting the POC zone we might see a drop to 1.2561, 1.2542 and 1.2512. The pair should find buyers there due to its strong weekly support (W L3) that hasn’t been tested yet.
However a spike above 1.2615 could see the pair testing W H3 1.2660.
W H3 -1.2055 should give another upside boost to the pair.
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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 price to react aka entry zone)
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Article by Admiral Markets
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