ICmarkets

USD/CAD Technical outlook and review

FX:USDCAD   U.S. Dollar/Canadian Dollar
111 0 2
4hr TF.

The higher picture resembles the following:

• Price is currently seen trading quite deep within weekly demand at 1.05715-1.07008.
• Much like the weekly timeframe above, the daily timeframe shows price is currently trading within daily demand at 1.05874-1.06680.

Considering the higher-timeframe picture (see above), higher prices was and still is expected to be seen. A break south of the minor S/R flip level at 1.06660 happened recently with the sellers nearly once again hitting 4hr demand below at 1.06041-1.06312 as reported may happen in the last analysis.

As already mentioned above higher prices are expected soon, it is very likely we will now visit at least the round number above at 1.07000 sometime soon. However as most already know, pro money love to play tricks, so they may push price deeper into the aforementioned 4hr demand area stopping out a lot of traders who were long, then loading up the boat once more for a nice rally higher.

Pending/P.A confirmation orders:

• Pending buy orders (Green line) are seen within demand (1.06041-1.06312) at 1.06229. Price will likely see a retracement into this demand area, and a bullish reaction will likely follow, as we are currently in higher timeframe demand (Weekly demand: 1.05715-1.07008 Daily demand: 1.05874-1.06680).
• The pending buy order (Green line) set just above demand (1.06041-1.06312) at 1.06462 is now active, so do keep an eye on our first target set at the round number 1.07000.
• No P.A confirmation buy orders (Red line) are seen in the current market environment.

• Pending sell orders (Green line) are seen just below a small supply area (1.07508-1.07434) at 1.07386. A pending sell order has been set here since a bounce from this area will likely be seen if/when price reaches here, as the momentum from this area was quite strong, indicating unfilled sell orders may still be set there.
• No P.A confirmation sell orders (Red line) are seen in the current market environment.

• Areas to watch for buy orders: P.O: 1.06229 SL: 1.05951 TP: Dependent on price approach) 1.06462 (Active) (SL: 1.05951 TP: 1.07000 1.07386 ) P.A.C: There are no P.A confirmation buy orders seen within the current market environment.

• Areas to watch for sell orders: P.O:1.07386 (SL: 1.07541 TP: Dependent on price approach) P.A.C: There are no P.A confirmation sell orders seen within the current market environment.

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