ICmarkets
Short

Technical outlook for the USD/CAD...

FX:USDCAD   U.S. Dollar/Canadian Dollar
83 0 2
Going into the early hours of yesterday’s London session, the USD/CAD             retested the underside of the recently broken H4 channel support (1.2767) and sold off down to the key figure 1.30. For those who read our previous report on the loonie you may recall that this was a noted move to watch for. We also went on to highlight 1.30 as a particularly interesting buy zone considering that it merged nicely with a daily trendline support extended from the low 1.2460. Well done to any of our readers who managed to net either of the above trades!

In view of weekly price trading south from weekly supply at 1.3295-1.3017 and daily candles rebounding from the above said daily trendline support, medium-term direction is limited.

Our suggestions: Watch for shorts around the underside of the aforementioned H4 channel support today. Building a case for entry here we have a H4 38.2% Fib resistance at 1.3070 and of course weekly price occupying the above said weekly supply zone . Now, in light of daily action bouncing from a daily trendline support recently, our team requires a lower timeframe sell signal to short the above said H4 channel line following the retest. This could be in the form of an engulf of demand followed by a retest, a trendline/break retest or simply a collection of well-defined selling wicks seen around the higher-timeframe line.
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