ICmarkets

USD/CAD Technical outlook and review.

FX:USDCAD   U.S. Dollar/Canadian Dollar
81 0 0
4hr TF.

The higher picture resembles the following:

• Price is currently seen trading out of weekly demand at 1.05715-1.07008.

• Much like the weekly timeframe above, the daily timeframe shows price is currently trading out of daily demand at 1.05874-1.06680 into a daily decision-point area at 1.07508-1.07293.

Price is currently reacting beautifully off of a small 4hr supply area at 1.07508-1.07434 with the first trouble area for the sellers being seen below at the round number 1.07000.

Price could very well drop to the aforementioned round number and continue on rallying higher, if this is the case, we should definitely be prepared for a deep spike through the round number level as pro money will no doubt want to test this area for buying strength, thus stopping out countless traders attempting to go long, and breakout sellers trying to sell in the process.

Should a break be seen of the round number, we can likely expect a reaction at an ignored supply area at 1.06749-1.06578, as there is still more than likely some unfilled buy orders left around this area.

Pending/P.A confirmation orders:

• No pending buy orders (Green line) are seen in the current market environment.
• 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 order was set here was simply because we expect a retracement down to this level very soon before price continues on higher, 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.

• The pending sell order (Green line) set just below a small supply area (1.07508-1.07434) at 1.07386 is now active; keep an eye out for our first take-profit level set at 1.07000.
• No P.A confirmation sell orders (Red line) are seen in the current market environment.

• Areas to watch for buy orders: P.O: There are 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: 1.07386 (Active) (SL: 1.07541 TP: 1.07000 1.06749) P.A.C: There are no P.A confirmation sell orders seen within the current market environment.
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