ICmarkets

USD/CAD Weekly technical outlook and review.

FX:USDCAD   U.S. Dollar/Canadian Dollar
21 0 0
Weekly TF.

The week before last (07/11) was showing such positive signs of a big bullish move up from weekly demand at 1.05715-1.07008. However, the weekly candle just closed shows the complete opposite, the buyers seemed to attempt to push higher, but the sellers were having none of it, and slammed the buyers back down forming a relatively large wick. At present price is seen capped between the aforementioned weekly demand area and weekly supply above at 1.09592-1.08133.

Daily TF.

The daily timeframe shows price did not really move much at all last week, in fact it was under 100 pips! Last week saw the decision-point area at 1.07508-1.07293 get consumed; this potentially opened the path to higher prices up to at least the daily S/R flip level at 1.08277. Nonetheless, before price hits the aforementioned daily S/R flip level, we may very well see a reversal back down to daily demand at 1.05874-1.06680, so do keep this in mind.

4hr TF.

A small rally from the 4hr decision-point area at 1.07207-1.07324 did indeed happen, and the buyers were in fact stopped in their tracks around the 1.07731 (circled) area as reported may happen in the last analysis.
However, we were expecting a much more exciting rally than what was seen, we knew to watch out for the aforementioned circled area, but did not think it would stop the buying pressure, this just shows we all need to expect the unexpected in the market!

The analysis of the daily timeframe above shows that price may see a retracement to daily demand below (levels above). If this does happen, price could react at two places on the 4hr timeframe, 1. The ignored 4hr supply area which is now demand at 1.06749-1.06578, or if pro money want to be really mean, as they will likely know there will be a lot of stops around this area, they may drop price even further to area number 2. 4hr demand at 1.06041-1.06312. So for this week, it is a possibility that price will decline in value to either of the two places mentioned above.

Pending/P.A confirmation orders:

• The pending buy orders (Green line) set just above the decision point (1.07207-1.07324) at 1.07347 has been stopped out.
• 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 buy order was set here is simply because 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.

• No pending sell orders (Green line) are seen in the current market environment.
• P.A confirmation sell orders (Red line) are seen just below the round number 1.08000 at 1.07952. The reason a P.A confirmation sell order was set here is simply because a pending sell order would be too risky as (on this timeframe) there is no logical area for a stop loss order to be placed.

• Areas to watch for buy orders: P.O: 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: No pending sell orders seen within the current market environment. P.A.C: 1.07952 SL: Dependent on price action after the level has been confirmed TP: Dependent on approaching price action after the level has been confirmed).

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