Technical Analysis

USDCAD Trend Line is Rejecting the Rally


The USD/CAD is rejecting the trend line and the POC zone 1.2580-1.2600 with a very congested move that still lacks the real bearish momentum. The weakness in oil prices weighs on CAD and that could be the reason for a consolidation without a bearish break. However if the pair keeps rejecting the POC zone we might see a drop to 1.2561, 1.2542 and 1.2512. The pair should find buyers there due to its strong weekly support (W L3) that hasn't been tested yet.

  • W H3 -1.2055 should give another upside boost to the pair.
  • 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)

Author: Admiral MarketsWebsite:
Admiral Markets
The Wave Analysis it for today the most flexible, powerful and perspective tool which allows to predict tendencies which lead to certain changes on financial charts on all time pieces. One of properties of this tool is its insufficient formalisation, proceeding from it the opinion of the author of the forecast made on the basis of the Wave Analysis always is subjective. As the Wave Structure constantly varies, the forecast on the basis of the Wave Analysis reflects opinion of the author at the moment of the forecast publication. The Wave Analysis is not trading system. It not the generator of signals on the conclusion or an exit 1from the transaction, therefore the schematical direction of movement of the price put on the chart should not be for the trader the guide to action on opening of positions. In case of formation in the market of conditions which, according to the author it is possible to use for drawing up of the trading plan - on a chart levels of acknowledgement of the chosen scenario, optimum areas of an input and levels of cancellation of the chosen scenario will be specified in addition.
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