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USD/CAD Consolidation Between Two Weekly Pivot Points

Nenad Kerkez

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.

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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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