By Admiral Markets
Source: Admiral Markets MT5 with MT5SE Add-on
The USD/CAD has formed a rounded bottom pattern. We can see that the previous high is being tested and if the 4h closes above it (1.2862), we should see a continuation to the upside. POC 1.2800-20 could also spike the pair in the case of retracement. The first target is 1.2894 and the final target is 1.2940. However the BOC Governor, Mr.Poloz will speak later today so pay attention to higher volatility. Ideally, for bulls, the price should remain above 1.2790.
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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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)
Best wishes,
Nenad
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Article by Admiral Markets
Source: USD/CAD Rounded Bottom Possibly Targeting 1.2940
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