By Admiral Markets
The USD/CAD has been in a steady uptrend. The price has formed an ascending flat top triangle that suggest an uptrend continuation. But the price has already reached the W H4 camarilla pivot so bulls need to be careful. If the pair breaks 1.2760 then 1.2805 will be possible. If there is no breakout to the upside then a retracement towards the POC 1.2700-15 (50.0, D L3, ascending triangle trend line, EMA89) will be possible. New buyers might appear within the POC zone and spike the price up towards the 1.2760 and above mentioned targets. However, bulls should pay attention to 1.2700 break to the downside. If that happens, the pair might experience a temporary weakness leading to 1.2656-45 zone.
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W L3 – Weekly Camarilla Pivot (Weekly Interim Support)
W H3 – Weekly Camarilla Pivot (Weekly Interim Resistance)
W H4 – Weekly Camarilla Pivot (Strong Weekly Resistance)
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)
Article by Admiral Markets
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