USD/CAD Rooftop Pattern with Two POC Zones

January 26, 2017 14:09

The USD/CAD dropped in Asia session and it mainly trades lower during Europe and early US Session. The rooftop pattern that has been formed at the top of weekly trading range might be a sign of a bearish continuation. The first POC 1.3125-1.3152 (38.2, H4, ATR pivot, order block, trend line) might spike the price down to 1.3090, 1.3040 and 1.3010. Breakout trade might happen at the break of 1.3010 where the target is 1.2970. However if the pair proceeds higher than 1.3152 pay attention to POC2 1.3180-1.3210 (61.8, ATR top, H5, rooftop support). Targets for PC2 rejection are 1.3150 and 1.3090. The POC zone is wider due to ATR of 122 pips, marking this pair volatile. At this point POC1 might reject the price so pay attention.

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