USD/CAD W bullish breakout

July 11, 2016

By Admiral Markets

The USD/CAD is advancing towards H4 camarilla PP 1.3091 after a W bullish breakout of H3 1.3066 level. If the pair breaks and closes above 1.3091 next targets are 1.3108-20 (double top, historical sellers) and 1.3140. Oil is dropping, SP500 hit a record overnight and price action suggests buying on pullbacks.

POC 1 is 1.3066 (W breakout, 23.6, H3), while POC2 is 1.3020-30 (DPP, trend line top, 61.8).Have in mind that L3 and EMA are also providing support at 1.3000-10 so there are fresh buyers waiting should we see a pullback. H4 is also bullish as we can see from our mini chart.

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Article by Admiral Markets

Source: USD/CAD W bullish breakout

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