By Admiral Markets
Source: Admiral Markets MT5 with MT5SE Add-on
The USD/CAD has dropped towards W L4, where it made a V shaped reversal. At this point, we have a break through the descending trend line that could initiate a move higher. There are 2 bouncing spots POC2 1.2990-1.3000 and POC 1.2950-65. Targets are 1.3035 and 1.3080. A loss of 1.2935 should target 1.2905 and the pair will be stuck in the range.
W L3 – Weekly Camarilla Pivot (Weekly Interim Support)
W H3 – Weekly Camarilla Pivot (Weekly Interim Resistance)
W H4 – Weekly Camarilla Pivot (Strong Weekly Resistance)
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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)
Best wishes,
Nenad
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This material does not contain and should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments. Please note that such trading analysis is not a reliable indicator for any current or future performance, as circumstances may change over time. Before making any investment decisions, you should seek advice from independent financial advisors to ensure you understand the risks.
Article by Admiral Markets
Source: USD/CAD V-Shaped Reversal Bounce
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