ICmarkets

USD/CAD Technical outlook and review.

FX:USDCAD   U.S. Dollar/Canadian Dollar
71 0 2
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.

What an aggressive-looking candle (High 1.07930 Low 1.07222) that is! It traded deep within the 4hr decision-point level at 1.07207-1.07324, and missed the round number above at 1.08000 by about 8 pips or so.

The buyers are now beginning to show interest around the aforementioned 4hr decision-point level with the area above still remaining clear. Clear it may be, we should still keep a watchful eye on the circled area around the 1.07731 area as there may be some active sellers sitting there from the lower timeframes.

Price will likely rally from where it is currently trading at the moment to at least the round number 1.08000, and possibly a break above it may be seen.

Pending/P.A confirmation orders:

• The pending buy orders (Green line) set just above the decision point (1.07207-1.07324) at 1.07347 is now active; do keep an eye out for our first take-profit level set at 1.08000.
• 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.

• No pending sell orders (Green line) are seen in the current market environment.
• 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 (Active) (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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