USD/CAD Supported at 61.8 and 78.6 Fibonacci Retracement

The USD/CAD is supported at 61.8 and 78.6 fib retracement of the last swing. 1.3166-84 is the first POC zone, where the bounce is possible, while the POC2 is 1.3125-1.3140. Both zones could be valid for longs providing that W L3 holds – 1.3110. Targets are 1.3220 and 1.3264. Continuation is only possible above 1.3265 towards 1.3307.

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• 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

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This article was originally posted on FX Empire

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