Intraday USDCAD Price Pivot for 08/21/2015

The 5-minute chart is showing two very defined pivot levels on the USD/CAD Forex pair. The 1.311 level acted first as resistance, and then as support, almost to the pip. This kind of alignment doesn't occur very frequently, but it does happen sometimes, so mark this pivot zone on your chart.

The second daily pivot area can be found at 1.314. The market had some trouble getting over this level earlier in the morning. Once price made it over 1.314, this level was then used twice as support! In my opinion,1.314 pivot area is stronger than 1.311!

The USD/CAD is currently trading above these pivots, so these price levels will very likely act as support! 

Tweet