USD/CAD is Riding Momentum From Higher Time Frames

The USD/CAD both daily and 4h time frames are in an uptrend and at this point, we can also see a bullish swing has formed on H1 time frame too. The MACD is strongly positive and price action has formed two POC zones. POC 1.2590-1.2605 ( ATR pivot, order block,38.2 D L3) and POC2 1.2540-60 (D L4,EMA89, 61.8,ATR low). Any of these zones might potentially spike the price to the upside in case of retracement. If we don’t see a retracement watch for continuation above 1.2645. Targets are 1.2670, 1.2687 and 1.2724. Only the break of W L4 -1.2527 could change the bias to bearish targeting 1.2495 and 1.2440.

USD/CAD 1H Chart

• 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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This article was originally posted on FX Empire

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