ICmarkets

USD/CAD TECHNICAL OUTLOOK AND REVIEW.

FX:USDCAD   U.S. Dollar/Canadian Dollar
72 0 1
4hr TF.

The higher-timeframe picture resembles the following:

• At the time of writing, positive buying action is being seen out of weekly demand at 1.05715-1.07008, the first trouble area for the buyers is seen above around weekly supply at 1.09592-1.08133.

• The sellers are very likely all consumed on the daily timeframe around the daily decision-point area at 1.07508-1.07293. Price is now free to rally to at least the daily S/R flip level above at 1.08277, but do not forget pro money may require liquidity and reverse price back down to daily demand at 1.05874-1.06680 before much higher prices are seen.

At the time of writing, price action is seen trading between two round numbers, 1.08000 and 1.07000. Focus just a for a moment on what the daily timeframe is telling us. We have broken above an important area meaning it is very possible we will hit the next important area, however before this, we may see a decline in price to daily demand below as pro money will no doubt require liquidity for the next move up (for all daily levels, see above). So with this in mind the round number 1.07000 will likely see a break before the round number 1.08000 above does.

Once, or indeed if a break below the aforementioned round number is seen, the most likely area for a bullish reaction is the ignored 4hr supply area, which is now demand at 1.06749-1.06578. However if there is not enough sell orders for pro money to buy into to fulfill their order book requirements around this area, they will no doubt keep selling back down to 4hr demand at 1.06041-1.06312 where they will likely manipulate price to collect more liquidity (sell orders). So, upon the break of the round number 1.07000 keep a watchful eye on the two areas just mentioned.

Pending/P.A confirmation orders:

• No pending buy orders (Green line) are seen in the current market environment.
• 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: No pending buy orders seen within the current market environment. 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: 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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