USD/CAD is Waiting for Fundamental Data Release

November 01, 2017 11:37

The USD/CAD has formed a double top pattern exactly at D H3 pivot. At this point we see a retracement that shows another proof how strong camarilla pivot points are. From a fundamental point of view the market might be waiting for ADP data today as well as CAD Employment change and trade balance. We should see a bit of volatility during the NY/LO Session overlap. From a technical point we see the two POC zones. The first POC 1.2840-55 (order block, EMA89, D L4, 23.6) or the second POC zone 1..2800-15 (inner TL, D L5, 38.2, order block) might reject the price towards 1.2915, 1.2940 and 1.2982 on good ADP / bad CAD data. However if the price drops due to bad USD / good CAD data breakout below 1.2798 should target 1.2774, 1.2740 and 1.2726. Mixed data should keep the price action within the technical outlook.

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)

Follow @TarantulaFX on twitter for latest market updates

Sign up for Live Trading Webinars with Nenad Kerkez T

Connect with Nenad Kerkez T on Facebook for latest market update

Download MT4 Supreme Edition - Forex trading platform