The USD/CAD has dropped towards W L4, where it made a V shaped reversal. At this point, we have a break through the descending trend line that could initiate a move higher. There are 2 bouncing spots POC2 1.2990-1.3000 and POC 1.2950-65. Targets are 1.3035 and 1.3080. A loss of 1.2935 should target 1.2905 and the pair will be stuck in the range.
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)
