USD/CAD Might Make a U-Turn if 1.2560 Holds

Februari 07, 2018 13:29

Source: Admiral Markets MT5 with MT5SE Add-on

The USD/CAD has been in a retracement mode but without an additional momentum to break recent highs. The pair is making a lower high now and if 1.2560 holds we might see a u-turn on the price. Targets are W H3 and W L3 levels - 1.2468 and 1.2376, but in the case you are trading intraday pay attention to W H1 - W L1 levels 1.2437 and 1.2405 respectively. A spike above 1.2560 could turn the price bullish again targeting 1.2606 and 1.2653.

W H1 -. Weekly Camarilla Pivot (Interim resistance - Weak)

W H2 - Weekly Camarilla Pivot (Weekly resistance)

W H3 - Weekly Camarilla Pivot (Weekly resistance - main)

W H4 - Weekly Camarilla Pivot (Strong Weekly Resistance)

W L4 - Weekly Camarilla Pivot (Interim support - Strong)

W L3 – Weekly Camarilla Pivot (Interim support - Main)

W L2 – Weekly Camarilla Pivot (Interim support)

W L1 - Weekly Camarilla Pivot (Interim support - Weak)

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