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Technical Analysis
Daily Technical Analysis by Admiral Markets
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[QUOTE="Admiral Markets Group, post: 125875, member: 37217"] [B]USD/CAD ABCD Pattern Marks the Support[/B] [IMG]https://s16.postimg.org/cz1t3qq85/2017-04-13_11-01-31.jpg[/IMG] The rate cut wasn’t on the table yesterday as economic data in Canada has improved. Slightly hawkish stance of BOC’s chief Poloc reflected on the USD/CAD, sending the dollar down straight to W L5 support. At this point, we see an ABCD pattern at D L3 support, so the break of 1.3250 could spur a correction towards 1.3300 where we see a bearish POC (ATR top, EMA89, bearish order block, W L4) within 1.3300-1.3320. Rejections from POC target 1.3220 and 1.3190. Keep in mind that if 1.3250 is not broken to the upside, we might see a straight drop below 1.3218 for 1.3190 and 1.3145 final D L5 target. Follow [URL='http://www.twitter.com/TarantulaFX']@TarantulaFX[/URL] on twitter for the latest market updates D L3 - Daily Camarilla Pivot (Daily Interim Support) D H3 - Daily Camarilla Pivot (Daily Interim Resistance) D H4 - Daily Camarilla Pivot (Strong Daily Resistance) D L4 - Daily Camarilla Pivot (Very Strong Daily Support) D L5 - Daily Camarilla Pivot (Strongest Daily Support) W L5 - Weekly H4 Camarilla (Strongest Weekly Resistance) POC - Point Of Confluence (The zone where we expect price to react aka entry zone) [/QUOTE]
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