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USD/CAD Trend Line is Rejecting the Rally

February 13, 2018 12:52

Source: Admiral Markets MT5

The USD/CAD is rejecting the trend line and the POC zone 1.2580-1.2600 with a very congested move that still lacks the real bearish momentum. The weakness in oil prices weighs on CAD and that could be the reason for a consolidation without a bearish break. However if the pair keeps rejecting the POC zone we might see a drop to 1.2561, 1.2542 and 1.2512. The pair should find buyers there due to its strong weekly support (W L3) that hasn't been tested yet.

However a spike above 1.2615 could see the pair testing W H3 1.2660.

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)

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