The USD/CAD has formed a bullish swing but the price is still below the breakout level. We see a retracement at this point and next zone for a potential bounce is 1.2875-1.2890. There is a lot of confluence within the zone including 61.8 fib of the last swing. However, for a bullish continuation a clear break of 1.3028 is needed (or 4h close above) and the doors to 1.3078 will be open. The USD/CAD needs to stay above 1.2825 for bulls to dominate.
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)
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.