ICmarkets

USD/CAD: Technical outlook and review.

FX:USDCAD   U.S. Dollar/Canadian Dollar
130 0 1
4hr TF.

The higher-timeframe picture resembles the following:

• Weekly timeframe: The buyers look as though nothing will stop them as they are pushing price higher into weekly supply at 1.09592-1.08133. If we see a break of the weekly supply area, things will start to get very interesting as we believe the profit potential to the upside is huge.
• Daily timeframe: Price is seen trading deep within the daily supply area 1.09592-1.09156, a push above here could force prices to test daily supply at 1.10522-1.10133, but for the time being, price remains capped between daily supply at 1.09592-1.09156 and a daily S/R flip level below at 1.08277.

A spike/wick (marked with an arrow) has been seen above the 4hr decision-point area at 1.09470-1.09354 which likely has triggered a fair few stops in the process from traders trying to fade this area.

With some of the sellers likely consumed this likely means the path is now clear up to around the 4hr decision-point level at 1.09865 which is just above weekly supply at 1.09592-1.08133 and also above a daily supply area at 1.09592-1.09156, so things could get very interesting!

Before price likely attempts to trade to the 4hr decision-point level above, pro money may require liquidity as the sellers just stopped out above the 4hr decision point area at 1.09470-1.09354 now effectively bought into the market (Their stops would be buy orders once triggered), pro money cannot buy into buys! So they will likely sell down to the 4hr demand area at 1.09032.1.09104 to collect this much needed liquidity before pushing prices higher.

Pending/P.A confirmation orders:

• New 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 area (1.09470-1.09354) at 1.09314 has been stopped out with a little profit locked in.
• 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: No pending sell orders seen within the current market environment. P.A.C: No P.A confirmation sell orders seen within the current market environment.

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