By Admiral Markets

USD/CAD Exactly at Resistance Cluster

Source: Admiral Markets MT5 with MT5SE Add-on

After the strong breakout of W H4 level, the USD/CAD has had a powerful upside momentum reaching both W H5 and new D H3 resistance. This is a resistance cluster now, and any sign of a bearish divergence or a reversal pattern could reject the price. Watch for the 1.3138-48 zone and a possible 1.3060 retest. However, if we don’t see any rejection from the zone, the pair could go up further towards 1.3192. A strong close above 1.3192 should target 1.3266. However, W H5 is the strongest weekly resistance so there should be resistance there.

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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Article by Admiral Markets

Source: ​USD/CAD Exactly at Resistance Cluster

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