ICmarkets

USD/CAD: Technical outlook and review.

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

The higher-timeframe picture resembles the following:

• Weekly timeframe: A push above the monster weekly supply area has been at 1.09592-1.08133, which has now possibly cleared the path up to a nice-looking small weekly supply area at 1.10522-1.09996.
• Daily timeframe: A push above daily supply at 1.09592-1.09156 has been seen, potentially clearing the path up to the next fresh daily supply area at 1.10522-1.10133 (seen just inside the weekly supply area mentioned above).

Once price had consumed some, or in this case, all the sellers around the 4hr decision-point area at 1.09470-1.09354, the path north was free up to a 4hr decision-point level at 1.09865, which as we can all see is exactly where price is trading right now.

We are very wary of the aforementioned 4hr decision-point level, as price still has room above to move (see above regarding the higher-timeframe analysis), so we will be watching price action very carefully here, as a push up to a very attractive 4hr supply area at 1.10388-1.10163 may well be seen, which is conveniently located within both weekly and daily supply areas (1.10522-1.09996…1.10522-1.10133).
Pending/P.A confirmation orders:
• Pending buy orders (Green line) are seen just above 4hr demand (1.09032-1.09104) at 1.09136. The reason a pending buy order has been placed here, is because this 4hr demand area is where pro money likely made the decision to push prices above the 4hr decision-point area at 1.09470-1.09354 making this level very important indeed.
• No P.A confirmation buy orders (Red line) are seen in the current market environment.

• The pending sell order (Green line) set just below a 4hr decision-point level (1.09865) at 1.09822 is now active, so do keep an eye on our first take-profit level set at 1.09470.
• No P.A confirmation sell orders (Red line) are seen in the current market environment.

• Areas to watch for buy orders: P.O: 1.09136 (SL: 1.08951 TP: Dependent on price approach). P.A.C: No P.A confirmation buy orders seen within the current market environment.

• Areas to watch for sell orders: P.O: 1.09822 (SL: 1.10080 TP: 1.09470 1.09136) P.A.C: No P.A confirmation sell orders seen within the current market environment.

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