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USD/CAD Bullish Consolidation Before Bounce

Nenad Kerkez

The USD/CAD is consolidating in the upper part of the chart precisely above W L3 camarilla pivot and 5/8 Murrey Math.

This indicates a bullish pressure that will be materialized if the price closes above 1.3153 W H3 and 7/8 confluence. Look for continuation above towards 1.3214 if that happens. If we see a pullback look for 1.3060-90 zone rejection towards 1.3153 and 1.3214. Only if the price closes below 1.3030, bulls will lose steam and the price might get a deeper pullback. At this point its all bullish.

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This article was originally posted on FX Empire

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