USD/CAD POC Bounce Zone Is 1.2875-1.2890

USD/CAD POC Bounce Zone Is 1.2875-1.2890

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.

USD/CAD POC Bounce Zone Is 1.2875-1.2890

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)

Best wishes,

Nenad

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Nenad Kerkez

Nenad Kerkez is an analyst and trader who has been in the market since 2008 and works closely with Admiral Markets as their Senior Lecturer and Market Analyst. Nenad covers over 25 currencies on an intraday basis and has a Masters in economics. He also developed CAMMACD TM, a proprietary trading and analysis strategy wit ever powerful pre fact setups that you can read every day. Nenad is also a valuable presenter on various FX EXPO shows, where he always presents new and interesting ways how to trade price action and protect your own investments. Further, he is the co-founder and head of Elite Currensea Trading, an educational website for currency traders.