ICmarkets

USD/CAD: Technical outlook and review.

FX:USDCAD   U.S. Dollar/Canadian Dollar
100 0 1
4hr.

The higher-timeframe picture resembles the following:

• Weekly TF: Upon price closing above the weekly supply area at 1.09592-1.08133, the path north is relatively free to hit the small weekly supply area above at 1.10522-1.09996, however before this happens a decline in value may well be seen all the way back down to weekly demand at 1.05715-1.07008, since pro money may need more liquidity (sells for their buys) for a further push up.

• Daily TF: A mini tug of war was being seen around daily supply at 1.09592-1.09156 which very likely cleared the sellers out, leaving the path relatively clear up to the daily supply above at 1.10522-1.10133 (located within the weekly supply area at 1.10522-1.09996). Pro money may not have the liquidity to push prices further yet, so a decline may be seen down to the following levels: daily S/R flip level at 1.08277, a daily minor R/S flip level at 1.07932, or even the daily demand area at 1.05874-1.06680 which is conveniently located within weekly demand at 1.05715-1.07008. However, price has yet to reach any of the aforementioned levels, and we are seeing some very serious buying activity at the moment!

Strong buying pressure has recently been seen on this pair, if you remember in the last analysis, we reported that if price were to break above the high marked with a green flag at 1.09179, the path north would very likely be clear up to at least the 4hr supply area at 1.09830-1.09652. However we were hoping before price reached this high, a drop back down to the 4hr demand area at 1.08441-1.08650 would be seen where we would have considered entering long.

Price is very near to touching the aforementioned 4hr supply area, where we have a P.A confirmation sell level set just below at 1.09624. The reason we have not set a pending sell order here is simply because of the above price action. Take a look at what price could fakeout (spike above) to! A 4hr decision-point level at 1.09865, the round number 1.1, and finally where we believe price may see the biggest reaction at is a 4hr supply area at 1.10388-1.10163. So, we will be watching all of the aforementioned areas/levels very carefully for the time being.

Pending/P.A confirmation levels:
• No pending buy orders (Green line) are seen in the current market environment.
• No P.A confirmation buy levels (Red line) are seen in the current market environment.

• New pending sell orders (Green line) are seen just below a 4hr supply area (1.10388-1.10163) at 1.10127. This area remains fresh, and likely contains unfilled sell orders indicating a bounce south at the very least will be seen if/when price reaches this area.
• New P.A confirmation sell levels (Red line) are seen just below a 4hr supply area (1.09830-1.09652) at 1.09624. The main reason we have set a P.A confirmation sell level here is because we are concerned that this area could see a deep spike above towards either the round number 1.1, or even the 4hr supply area at 1.10388-1.10163.

• Areas to watch for buy orders: P.O: No pending buy orders are seen in the current market environment. P.A.C: No P.A confirmation buy levels seen within the current market environment.

• Areas to watch for sell orders: P.O: 1.10127 (SL: 1.10440 TP: Dependent on how price approaches) P.A.C: 1.09624 (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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