By Admiral Markets
The USD/CAD started to drop fast after the BOC governor Poloz announced a possible rate hike . At this point the pair is below W L5 and D H5 that suggest room for a further drop. The POC zone is 1.3065-85 (D H5, ATR high, EMA 89) that stands slightly above 23.6 fib retracement of the swing low that is usually tested in the strong trend. But if the pair proceeds lower below 1.2970 we might expect 1.2950 and 1.2920 in near term. Pay attention to these levels today as it is Friday – a profit taking day.
Follow @TarantulaFX on twitter for latest market updates
Connect with Nenad Kerkez T on Facebook for latest market updates.
W L3 – Weekly Camarilla Pivot (Weekly Interim Support)
W H3 – Weekly Camarilla Pivot (Weekly Interim Resistance)
Free Reports:
Get Our Free Metatrader 4 Indicators - Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter
Get our Weekly Commitment of Traders Reports - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.
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)
Article by Admiral Markets
Source: USD/CAD Bearish Pressure Continues
Admiral Markets is a leading online provider, offering trading with Forex and CFDs on stocks, indices, precious metals and energy.
