ICmarkets

USD/CAD Weekly Technical outlook and review.

FX:USDCAD   U.S. Dollar/Canadian Dollar
37 0 2
Weekly TF.

Would you look at that! A beautiful site! The buyers are beginning to show some energy trading out of weekly demand at 1.05715-1.07008, if this buying enthusiasm continues; we could be in for a long-term rally higher.

Daily TF.

The daily timeframe shows much the same as what the weekly timeframe does. However, we get a better view here; notice that price has traded right into a daily decision point area at 1.07508-1.07293. If price breaks this aforementioned decision point level, we can expect higher prices up to at least the S/R flip level at 1.08277

4hr TF.

Wow! Don’t you just love it when price does this, look at that momentum. It was reported that price was very likely going to reach the round number 1.07000 above, but not before a push deeper into 4hr demand at 1.06041-1.06312 which no doubt would stop out some of the traders who were originally long there. As we can see all of the above did happen, and price took off like a rocket completely ignoring the aforementioned round number and just missing the 4hr supply area at 1.07508-1.07434.

A small retracement is expected to be seen to around the round number 1.07000 where a rally higher to the aforementioned 4hr supply area will likely be seen, if we see a break above this 4hr supply area, higher prices are expected to be seen at least up until the round number 1.08000.

Pending/P.A confirmation orders:

• The pending buy order (Green line) set within demand (1.06041-1.06312) at 1.06229 has been removed. Price rallied too far away from the entry level.
• The pending buy order (Green line) set just above demand (1.06041-1.06312) at 1.06462 hit the first target at 1.07000 and came very close to second and final target at 1.07386, so we decided to close the position in profit.
• New 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 order was set here was simply because we expect a retracement down to this level very soon before price continues on higher, 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.

• 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: There are 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: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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