By Admiral Markets
The USD/CAD is enjoying the uptrend that I have already provided the analysis for, but now it looks a bit overextended to the upside. This looks like a USD strength more than CAD weakness as ADP numbers had a revision yesterday that provided a boost to dollar. At this point the USD/CAD is getting close to the POC (ATR pivot, D H5, bearish order block) 1.2610-30. The price is above both weekly and daily H5. There is also a bearish divergence that suggests a possible U-turn. Targets are 1.2580,1.2550 and 1.2530. Ideally the price should stay below 1.2660 if the bears want to remain in control.
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W L3 – Weekly Camarilla Pivot (Weekly Interim Support)
W H3 – Weekly Camarilla Pivot (Weekly Interim Resistance)
Free Reports:
W H4 – Weekly Camarilla Pivot (Strong Weekly Resistance)
M H4 – Monthly Camarilla Pivot (Very Strong Monthly Resistance)
M L3 – Monthly Camarilla Pivot (Monthly Support)
M L4 – Monthly H4 Camarilla (Very Strong Monthly Support)
POC – Point Of Confluence (The zone where we expect price to react aka entry zone)
Article by Admiral Markets
Source: USD/CAD Overextended Above Weekly And Daily Camarilla Pivots
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