USD/CAD Consolidation Between Two Weekly Pivot Points

The USD/CAD has been consolidating between two weekly pivot points that are in confluence with daily pivots too. 1.3094 and 1.3190 are support and resistance, respectively. A 4h candle close to 1h momentum candle below 1.3090 should target 1.3045 followed by 1.2960. On the contrary, a bounce or 4h candle close above 1.3190 should target 1.3238 and 1.3317.

Have in mind that the USD/CAD is exactly at 88.6 right now, so we might see a bounce first.

{alt}

• 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

Follow EliteCurrenSea on Facebook – @tarantulafx on Twitter – for the latest market updates.

This article was originally posted on FX Empire

More From FXEMPIRE:

• E-mini S&P 500 Index (ES) Futures Technical Analysis – July 23, 2018 Forecast

• Commodities Daily Forecast – July 23, 2018

• Scalping, Swing and Long-Term Trading Strategies: A Complete Guide

• EUR/USD Mid-Session Technical Analysis for July 23, 2018

• Oil Price Fundamental Daily Forecast – G20 Officials Warn of Economic Risks Which Could Weaken Demand

• Oil Rises as Trump Sends a Threat to Iran, US Dollar Trading Under Pressure