By Admiral Markets
Source: Admiral Markets MT5 with MT5SE Add-on
The USD/CAD has formed a bullish ascending scallop pattern after breaking out from
the double top (red horizontal line). At this point the price is trying to reach D H3
pivot that indicates bullish pressure. However as today is Friday, we might see profit
taking.
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Traders should pay attention to POC zone 1.2790-1.2810. We could see a rejection if
the price gets to POC zone. Spike above 1.2860 might target 1.2880 and 1.29290.
However if the price drops below 1.2785 targets are 1.2754 and 1.2713, and the pair
will be back in consolidation mode again.
W H3 -Weekly Camarilla Pivot (Weekly Interim Resistance)
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)
Article by Admiral Markets
Source: USD/CAD Ascending Scallop Pattern
Admiral Markets is a leading online provider, offering trading with Forex and CFDs on stocks, indices, precious metals and energy.
