ICmarkets

Interesting price action forming on the Loonie!

FX:USDCAD   U.S. Dollar/Canadian Dollar
150 0 3
Weekly Timeframe: At the time of writing, the buyers and sellers are seen trading between a weekly decision-point support level at 1.08774, and a weekly Quasimodo resistance level at 1.12231. A break above this resistance level could potentially see prices trading up to a weekly supply area seen at 1.17225-1.15417, and conversely, a break below the decision-point support level could encourage further selling towards a very obvious weekly demand area seen at 1.05715-1.07008.

Daily Timeframe: Current price action             on the daily timeframe is showing price is stalling just before the daily Quasimodo resistance level at 1.11910. We feel price will hit this level very soon. Does this mean we expect a bearish reaction to be seen here? Well, yes or no would be the right answer in this situation. The reason being is simply because price could ignore this daily level, and push up to a more prominent weekly Quasimodo resistance level seen at 1.12231. Remember the ‘old rule?’ Higher timeframes usually overrule the lower; and in this case it may very well be true!

4hr Timeframe: A break above a 4hr supply area at 1.11681-1.11392 was recently seen, and as such, the majority of traders who attempted to fade this area have more than likely been stopped out.
From here on, we anticipate further buying will possibly materialize, since the path north appears to be relatively clear up to a combined fresh 4hr supply/round number area at 1.12096-1.11933/1.12 (active sell orders will likely be set just below, around the 1.11892 area), which so happens to line up beautifully with the daily Quasimodo resistance level seen at 1.11910 mentioned above.

On the other hand, before higher prices are seen, a correction may be seen down towards the 1.11 level, at which point we fully expect active buy orders to come into the market around the 1.11107 area.

Buy/sell levels:

• Buy orders: 1.11107 (Predicative stop-loss orders seen at: 1.10869).

• Sell orders: 1.11892 (Predicative stop-loss orders seen at: 1.12122).

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