ICmarkets
Long

USD/CAD showing all-round support!

FX:USDCAD   U.S. Dollar/Canadian Dollar
170 0 7
Following a better-than-expected Canadian GDP report yesterday, the USD/CAD             broke below and slightly retested the 1.3500 figure before thrusting into H4 demand at 1.3358-1.3396 by the close 1.3405. For those who read our previous report (http://blog.icmarkets.com/tuesday-1st-march-daily-technical-outlook-and-review/) you may recall us speaking about this very demand being a fantastic area to go long from, due to it forming within daily demand at 1.3293-1.3396, and also surrounding weekly support at 1.3381.

In view of the above, our objective today is simple – keep an eye on the lower timeframe action (a break of supply and retrace/a break of a trendline and retrace etc…) around this zone for a possible entry long, targeting the 1.3500 figure as a first take-profit target. The reason for requiring confirmation here is due to the possibility that price may drive lower into the daily demand area thus potentially faking beyond the H4 demand.

Levels to watch/live orders:

• Buys: 1.3358-1.3396 Tentative – confirmation required (Stop loss: dependent on where one confirms this area).
• Sells: Flat (Stop loss: N/A).


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