ICmarkets

USD/CAD Technical outlook and review.

FX:USDCAD   U.S. Dollar/Canadian Dollar
30 0 1
4hr TF.

The higher picture resembles the following:

• Price is currently seen trading out of weekly demand at 1.05715-1.07008.

• Much like the weekly timeframe above, the daily timeframe shows price is currently trading out of daily demand at 1.05874-1.06680 into a daily decision-point area at 1.07508-1.07293.

A decline in value has been seen towards the round number 1.07000, however price never hit the actual round number level as price turned around 8 pips before.

Buyers and sellers are seen trading once again around the base of the 4hr supply area at 1.07508-1.07434. Taking into consideration the higher timeframes for a moment (see above), price could very well see a positive close above the aforementioned 4hr supply area, and if this is seen, there is very little stopping price from hitting at least the round number 1.08000.

However, we do also have to be prepared for the possibility of a bearish reaction from here. Demand however, seems to be very strong around the round number 1.07000 as the sellers did not even have the strength to test the level, showing that this area possibly contains a lot of demand. To sum up, a break higher of the 4hr supply area (levels above) is more likely to happen due to where price is located on the higher-timeframes at the moment, which is unfortunate as we have a pending sell order active in the market at 1.07386.

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 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.

• The pending sell order (Green line) set just below a small supply area (1.07508-1.07434) at 1.07386 is now active; keep an eye out for our first take-profit level set at 1.07000.
• 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 (Active) (SL: 1.07541 TP: 1.07000 1.06749) P.A.C: There are no P.A confirmation sell orders seen within the current market environment
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