USD/CAD Rectangle Consolidation in Intraday Timeframe

The USD/CAD has been consolidating within the rectangle between W H4 and W L3 levels. Traders need to pay attention to all weekly levels pivot points that are contained in the box. 1.2908 1.2878 and 1.2815. Daily pivot levels are also significant so we need to look at the confluence. We might expect short sellers to sell within 1.2908-20 zone and fresh buyers within the 1.2800-15. Until the consolidation is broken on the USD/CAD, we should see a range play.

Source: Admiral Markets MT5 with MT5SE Add-on

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)

Best wishes,

Nenad

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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.