By Admiral Markets
The USD/CAD has reversed from the bottom, making bullish cup with handle pattern (purple square) with two POC zones that could reject the price towards 1.3420 and 1.3460. POC1 (61.8, EMA89, ATR pivot, handle bottom) could reject the price on the first retracement into the zone, while POC2 1.3325-40 ( D L4, 88.6, trend line, ATR low) is deeper retracement, final intraday support zone and could also reject the price if we see a retracement into the zone. targets for this USD/CAD bullish move are 1.3420 and 1.3460 on a subsequent breakout.
Quick Summary:
W H3 – Weekly H3 Camarilla (Weekly resistance)
POC – Point Of Confluence (The zone where we expect price to react – aka entry zone)
D L4 – Daily L4 Camarilla (Daily support)
Free Reports:
Get Our Free Metatrader 4 Indicators - Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter
Get our Weekly Commitment of Traders Reports - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.
Follow @TarantulaFX on twitter for latest market updates
Article by Admiral Markets
Source: USD/CAD Bullish Cup with Handle Pattern
Admiral Markets is a leading online provider, offering trading with Forex and CFDs on stocks, indices, precious metals and energy.
