ICmarkets

Higher prices for the Loonie?

FX:USDCAD   U.S. Dollar/Canadian Dollar
75 0 0
Weekly Timeframe: The weekly timeframe shows that the buyers are still defending the 1.12775 weekly level. Our bias will continue to remain long, and will only change once a significant close below this level is seen.

Daily Timeframe: The daily timeframe is showing interesting price action at the moment. Check out when price broke above the 1.12775 weekly level around the 03/11/2014, after a few days of trading higher price begun to flag south – this also happened below as well – beautiful market symmetry. Anyway, our point is, as price has been declining over the past few weeks, it seems that on this timeframe pro money have been filling unfilled sell orders (spiking north) as they were selling into the market which in turn has likely cleared the path north for future buying. Supply consumption wicks can be seen at 1.13681/1.13923/1.14007.

4hr Timeframe: The 4hr timeframe emphasizes what was seen on the daily timeframe regarding the possibility that the path north may well be clear. Take a look at the three blue arrows; here we clearly see consumed areas of supply, which has likely cleared the way up to at least a 4hr supply area coming in at 1.14474-1.14290.

We believe the time is right to begin looking for long positions on this pair within the red circled zone, ultimately targeting this 4hr supply area. We’ll be watching price action here on the hourly, 30 minute and 15 minute timeframes to see if we can buy into this pair. However, as per the green arrows on the chart, we do not expect prices to just rocket towards our target, selling opposition will likely be seen around the following areas before reaching our overall destination: 1.13582 and 1.14.

Buy/sell levels:

• Buy orders: Watch price action within the red circled area to go long (Predicative stop-loss orders seen at: Dependent on how one confirms that price is likely going north).

• Sell orders: N/A (Predicative stop-loss orders seen at: N/A).
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