USD/CAD Overextended Above Weekly And Daily Camarilla Pivots

USD/CAD Overextended Above Weekly And Daily Camarilla Pivots

The USD/CAD is enjoying the uptrend that I have already provided the analysis for, but now it looks a bit overextended to the upside. This looks like a USD strength more than CAD weakness as ADP numbers had a revision yesterday that provided a boost to dollar. At this point the USD/CAD is getting close to the POC (ATR pivot, D H5, bearish order block) 1.2610-30. The price is above both weekly and daily H5. There is also a bearish divergence that suggests a possible U-turn. Targets are 1.2580,1.2550 and 1.2530. Ideally the price should stay below 1.2660 if the bears want to remain in control.

 

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)

USD/CAD Overextended Above Weekly And Daily Camarilla Pivots
USD/CAD Overextended Above Weekly And Daily Camarilla Pivots

Published by

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.