The USD/CAD has been consolidating within the rectangle range above M L3 pivot point. Consolidation is also between the W L3 and H3 above the ascending trend line, so I assume the price is still bullish. 1.2760-1.2787 is the POC zone and we might expect a bullish bounce once the price retests the zone. However, if the candle breaks and closes above W H3 -1.2932 we should see a continuation to the upside targeting 1.2980 and 1.3060.
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)
