USD/CAD Preparing for a Breakout

Source: Admiral Markets MT5 with MT5SE Add-on

The USD/CAD has formed a consolidation triangle within the boundaries of W L4 support. We can even spot a bullish divergence at the bottom. Breakout might happen at the breakout of 1.3060-70 zone towards 1.3095-1.3114. If the price gets there it will either bounce or continue further up. Above 1.3115 we could see 1.3145.

If there is no breakout look for a break below 1.3040 towards 1.3008.

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)

This material does not contain and should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments. Please note that such trading analysis is not a reliable indicator for any current or future performance, as circumstances may change over time. Before making any investment decisions, you should seek advice from independent financial advisors to ensure you understand the risks.