USD/CAD Follows the EMA89 Slope

If you had signed up for my Live Trading Webinar that is exclusive with Admiral Markets, you could’ve seen how the USD/CAD rejected perfectly from 2 POC zones where both market orders were triggered.

The pair is still going down and in the case of any spike to the upside pay attention again to POC 1.2990-1.3005 (D H4, ATR pivot, EMA89) and eventually POC2 1.3035-50 (D H5, W H3, descending trend line, ATR high) where price could reject again. At this point the price is below W H3 and D H3, which signifies a strong downtrend. Continuation below yesterday’s low (1.2912) aims for 1.2895 and 1.2869. Below it is a void zone, where we could see hardly any support all the way down to 1.2780.

USD/CAD 1H Chart
USD/CAD 1H Chart

Daily technical analysis is written by Nenad Kerkez, a senior analyst at Admiral Markets

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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.