The USD/CAD has formed a retracement towards the POC zone. If 1.3230 zone is reached we might see a bounce.
1.3230-46 could show fresh buyers. We can see a lot of bullish confluence that might provide a spike towards next levels. The trend line is also adding to the overall confluence. Watch for bullish signals within the zone. Targets are 1.3280, 1.3314, 1.3335 and 1.3357. Only below 1.3191 we might see a deeper retracement and the trend might change. At this point it is still bullish on 4h timeframe.
The analysis has been done with the CAMMACD.MTF template.
For more daily technical and wave analysis and updates, sign-up up to our ecs.LIVE channel.
Many green pips,
Nenad Kerkez aka Tarantula FX