USD/CAD Possible Retest of W H4/ D H5 Zone

Jūnijs 05, 2017 15:24

As doubts grow of over-supply in the Oil market, its price continues to drift lower, putting pressure on the CAD, I expect this weakness of the CAD to be more prevalent than the USD weakness of recent. At this point we can see a slow bullish grind on intra day time frame towards W H4/D H5 confluence zone 1.3540-50. The POC zone (trend line, 50.0, D L3, Atr pivot, historical buyers) might spike the price up towards 1.3500, 1.3520 and if 1.3520 breaks towards 1.3550. The price is above W L3 and D L3 so the bulls are currently in control. The price should ideally stay above 1.3422 for bullish outcome.

Follow @TarantulaFX on twitter for latest market updates

Connect with Nenad Kerkez T on Facebook for latest market updates.

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)

MT4 Supreme Edition + Volatility Protection