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Short

Keep eyes on 1.3190, traders (reminder)...

FX:USDCAD   U.S. Dollar / Canadian Dollar
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In recent sessions, H4 price decorated its chart with a strong bullish candle in response to the latest FOMC action, though failed to maintain a bullish presence above November’s opening level at 1.3158. Since October 26 the H4 candles have been busy carving out a consolidation (yellow) between November’s opening level and September’s opening level at 1.3070. Outside of this border, a Quasimodo resistance rests at 1.3190 (sited just south of the 1.32 handle), along with the key figure 1.30.

Supporting the H4 range, daily price is seen sandwiched between supply drawn from 1.3198-1.3151 and support coming in at 1.3052. Higher up on the curve, however, we have weekly price meandering beneath Quasimodo resistance plotted at 1.3174.

Areas of consideration:

Having seen weekly price hovering beneath a Quasimodo resistance, entering long remains a challenge. With that in mind, focus is still drawn towards the H4 Quasimodo resistance at 1.3190 for possible shorting opportunities. Not only do we have the weekly Quasimodo resistance floating nearby, daily supply at 1.3198-1.3151 is in view as well (see above).

In terms of stop-loss order placement, above the daily supply edge (1.3198) appears a logical option, though do try to include the 1.32 handle here as well (conservative stops will likely be looking above the weekly Quasimodo apex ). As for potential targets, November’s opening level mentioned above at 1.3158 appears a logical first step, followed by September’s open level at 1.3070.

Today’s data points: US PPI m/m; FOMC member Quarles speaks, US prelim UoM consumer sentiment.

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Long term 1.60
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