ICmarkets

USD/CAD: Technical outlook and review.

FX:USDCAD   U.S. Dollar / Canadian Dollar
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4hr TF: Our pending sell order set just below 4hr supply (1.10388-1.10163) at 1.10127 has been successfully filled, and at the time of writing nicely sitting in the green. Our first take-profit target is set just above the 4hr S/R flip (support) level (1.09311) at 1.09428. Whilst this is a little way off, we strongly believe price will drop down to around that area, since there appears to be very little on this timeframe stopping price, and also not forgetting, we are currently trading out of higher-timeframe supply areas (Weekly: 1.10522-1.09996, Daily: 1.10522-1.10133). So, for the time being we will let price action unfold, and tell us what to do next.

Pending orders/P.A confirmation levels:

• Areas to watch for buy orders: P.O: 1.08028 (SL: 1.07884 TP: Dependent on how price approaches). P.A.C: No P.A confirmation buy levels are seen in the current market environment.

• Areas to watch for sell orders: P.O: 1.10127 (Active) (SL: 1.10440 TP: 1.09428 May be subject to change) P.A.C: No P.A confirmation sell levels are seen in the current market environment.

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