Weekly Timeframe: The shows that the buyers conquered yet another key weekly swap level last week seen at 1.2260. This move has potentially opened the gates for prices to challenge a major weekly Quasimodo seen at 1.2765.
Daily Timeframe: Recent movements on the Loonie show that price broke above the daily supply area at 1.2504-1.2385. As such, this will likely inspire the buyers to continue pushing this market north towards another daily supply area coming in at 1.2713-1.2595. This area remains a key obstacle to a move towards the aforementioned major weekly Quasimodo .
4hr Timeframe: The 4hr timeframe shows that the buyers clearly found strength around the 1.2400 threshold, as prices rocketed north breaking above 1.2500. In the event that price manages to close above and successfully retest it as support, we would be very interested in buying around this region with 1.2583 in mind as a target (seen just below the daily supply area mentioned above at 1.2713-1.2595).
Current buy/sell levels:
• Buy orders: Flat (Predicative stop-loss orders seen at: N/A).
• Sell orders: Flat (Predicative stop-loss orders seen at: N/A).