Canada Markets open in 6 hrs 37 mins

USD/CAD Trend Line is Rejecting the Rally

Nenad Kerkez

The USD/CAD is rejecting the trend line and the POC zone 1.2580-1.2600 with a very congested move that still lacks the real bearish momentum. The weakness in oil prices weighs on CAD and that could be the reason for a consolidation without a bearish break. However if the pair keeps rejecting the POC zone we might see a drop to 1.2561, 1.2542 and 1.2512. The pair should find buyers there due to its strong weekly support (W L3) that hasn’t been tested yet.

USD/CAD Trend Line is Rejecting the Rally

W H3 -1.2055 should give another upside boost to the pair.

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)

Follow @TarantulaFX on twitter for latest market updates

Sign up for Live Trading Webinars with Nenad Kerkez T

Connect with Nenad Kerkez T on Facebook for latest market update

This article was originally posted on FX Empire

More From FXEMPIRE: