ICmarkets

USD/CAD: Technical outlook and review.

FX:USDCAD   U.S. Dollar/Canadian Dollar
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Weekly Timeframe: A positive close above a weekly Quasimodo resistance level coming in at 1.12231 was seen last week, and at the time of writing, price is currently retesting this level as potential support. Assuming this level holds, a possible rally could ensue all the way up to a weekly supply area seen at 1.17225-1.15417.

Daily Timeframe: For the weekly Quasimodo resistance flip level (1.12231) to hold, the buyers will need to overcome any selling opposition that may reside within a daily supply area at 1.12775-1.12361. On the other hand, if further selling interest comes into the market (as it appears to be doing right now), then it is very possible we’ll see a push down towards a daily decision-point demand area at 1.10521-1.10826.

4hr Timeframe: Ouch! A small 4hr decision-point area (1.12226-1.12430) has been consumed, which likely means price is now ‘theoretically’ free to trade down to at least the 1.12 level, where there may be active buy orders waiting around the 1.12045 area. At this point in time, things do look at all good for a bullish reaction to be seen off of the weekly Quasimodo resistance flip level (1.12231) at the moment, unless this round-number level holds of course.

With the above in mind, we have to be prepared for price to break through the 1.12 level, and continue south down towards at least a small 4hr decision-point demand area coming in at 1.11636-1.11765. A bullish reaction could be seen here, but what really takes our fancy even more is that juicy 4hr demand area below at 1.10521-1.10758 (active buy orders likely set around the 1.10794 level). The reason for this is because simple. This area is located very deep within the daily decision-point demand area mentioned above at 1.10521-1.10826.

Buy/sell levels:

• Buy orders: 1.12045 (Predicative stop-loss orders seen at: 1.11750) 1.10794 (Predicative stop-loss orders seen at: 1.10476).

• Sell orders: N/A (Predicative stop-loss orders seen at: N/A).

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