USD/CAD Rectangle Consolidation in Intraday Timeframe

The USD/CAD has been consolidating within the rectangle between W H4 and W L3 levels. Traders need to pay attention to all weekly levels pivot points that are contained in the box. 1.2908 1.2878 and 1.2815. Daily pivot levels are also significant so we need to look at the confluence. We might expect short sellers to sell within 1.2908-20 zone and fresh buyers within the 1.2800-15. Until the consolidation is broken on the USD/CAD, we should see a range play.

USD/CAD Rectangle Consolidation in Intraday Timeframe

Source: Admiral Markets MT5 with MT5SE Add-on

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)

Best wishes,

Nenad

Follow Admiral Markets on Facebook – @AdmiralMarkets on Twitter – for the latest market updates.

This article was originally posted on FX Empire

More From FXEMPIRE:

• Commodities Daily Forecast – May 7, 2018

• USDCAD Range-Play Remains Intact Ahead of US inflation Data

• Global Warning from Economic Warming?

• Natural Gas Price Fundamental Daily Forecast – Downside Bias Building With Near-Term Targets at $2.691, $2.660 and $2.650

• Crude Oil Hits Fresh Highs then Contracts Ahead of Iran Decision

• Short Term Turbulence for Ripple’s XRT Coin