ICmarkets

USD/CAD Technical outlook and review.

FX:USDCAD   U.S. Dollar/Canadian Dollar
90 0 0
4hr TF.

The higher picture resembles the following:

• Price is currently seen trading out of weekly demand at 1.05715-1.07008.

• Much like the weekly timeframe above, the daily timeframe shows price has traded out of daily demand at 1.05874-1.06680 into a daily decision-point area at 1.07508-1.07293, which has now been broken north.

It was reported in the last analysis that a break above the 4hr supply area at 1.07508-1.07434 could well happen, this has indeed been seen with price now retesting this area as 4hr demand. There is very little, well actually there is nothing we see that would likely cause a problem to the buyers if they decided to rally price up to the round number 1.08000 right now.

Price could very well react off the aforementioned S/D flip area and rally north, but there is a beautiful small looking 4hr decision-point area just below at 1.07207-1.07324 which is where the initial decision was made to break above the 4hr supply area (levels above) meaning there are possibly unfilled buy orders left around this area, what great R:R this trade offers if we target the round number 1.08000!

Pending/P.A confirmation orders:

• New pending buy orders (Green line) are seen just above the decision point (1.07207-1.07324) at 1.07347. The reasoning behind setting a pending buy order here is because this is the area pro money decided to break above 4hr supply at 1.07508-1.07434 meaning there are probably unfilled buy orders still lurking around this area.
• P.A confirmation buy orders (Red line) are seen just above the round number 1.07000 at 1.07047. The reason a P.A confirmation buy order was set here is simply because a pending buy order would be too risky as (on this timeframe) there is no logical area for a stop loss order to be placed.

• The pending sell order (Green line) set just below a small supply area (1.07508-1.07434) at 1.07386 has been stopped out.
• New P.A confirmation sell orders (Red line) are seen just below the round number 1.08000 at 1.07952. The reason a P.A confirmation sell order was set here is simply because a pending sell order would be too risky as (on this timeframe) there is no logical area for a stop loss order to be placed.

• Areas to watch for buy orders: P.O: 1.07347 (SL: 1.07184 TP: 1.08000 ). P.A.C: 1.07047 (SL: Dependent on price action after the level has been confirmed TP: Dependent on approaching price action after the level has been confirmed).

• Areas to watch for sell orders: P.O: There are no pending sell orders seen within the current market environment. P.A.C: 1.07952 SL: Dependent on price action after the level has been confirmed TP: Dependent on approaching price action after the level has been confirmed).
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