USD/CAD Making a U-Turn From the Support

The USD/CAD has made a U-turn from the W L3 level, after a breakout of inverted head and shoulders pattern. At this point, 1.3150-75 is the POC zone, and we might see a bounce from the zone during the London/New York session. Targets are 1.3220 and 1.3250. Continuation is only possible at the 4h close or strong 1h momentum above 1.3250 which should initially be hard to break due to the weekly/daily pivot confluence. If the price breaks it, 1.3290 should be next.

{alt}

• 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 the price to react aka entry zone)

Best wishes,

Nenad

Follow EliteCurrenSea on Facebook – @tarantulafx on Twitter – for the latest market updates.

This article was originally posted on FX Empire

More From FXEMPIRE:

• Commodities Daily Forecast – July 12, 2018

• E-mini S&P 500 Index (ES) Futures Technical Analysis – July 12, 2018 Forecast

• Euro Steady Ahead of ECB Meeting Minutes Release

• Important CAD Pairs’ Technical Overview: 12.07.2018

• Forex Daily Outlook – July 12, 2018

• USD/JPY Fundamental Daily Forecast – Could Spike to 113 Handle if US CPI Beats Estimate