ICmarkets

USD/CAD: Technical outlook and review.

FX:USDCAD   U.S. Dollar/Canadian Dollar
83 0 1
4hr.

The higher-timeframe picture resembles the following:

• Weekly TF: Upon price closing above the weekly supply area at 1.09592-1.08133, the path north is relatively free to hit the small weekly supply area above at 1.10522-1.09996, however before this happens a decline in value may well be seen all the way back down to weekly demand at 1.05715-1.07008, since pro money may need more liquidity (sells for their buys) for a further push up.

• Daily TF: A mini tug of war was being seen around daily supply at 1.09592-1.09156 which very likely cleared the sellers out, leaving the path relatively clear up to the daily supply above at 1.10522-1.10133 (located within the weekly supply area at 1.10522-1.09996). Pro money may not have the liquidity to push prices further yet, so a decline may be seen down to the following levels: daily S/R flip level at 1.08277, a daily minor R/S flip level at 1.07932, or even the daily demand area at 1.05874-1.06680 which is conveniently located within weekly demand at 1.05715-1.07008.

The buyers at the time of writing are seen pushing price northbound into the round n number 1.09. If we see a close above this round number, then a break above the high marked with a green flag at 1.09179, we may well have an opportunity on our hands!

The green downtrend line is not to represent a trend as such, it is more to try and show what pro money may have done within this area. Notice when price was dropping, wicks north was seen to collect their unfilled sell orders to keep pushing price south. However once they consumed these major sell orders, the path north is relatively clear, so upon a break of the aforementioned high marked with a green flag, we have effectively entered into a consumed supply zone . The next set of heavy sell orders will likely be sitting around the 4hr supply area above at 1.09830-1.09652.

If price does break above this high, we’ll be watching the following levels for buying opportunities: the round number 1.09, and the 4hr demand area at 1.08441-1.08650, the target for us at the moment on this timeframe would definitely be the aforementioned 4hr supply area.

Pending/P.A confirmation levels:
• No pending buy orders (Green line) are seen in the current market environment.
• No P.A confirmation buy levels (Red line) are seen in the current market environment.

• No pending sell orders (Green line) are seen in the current market environment.
• No P.A confirmation sell levels (Red line) are seen in the current market environment.

• Areas to watch for buy orders: P.O: No pending buy orders are seen in the current market environment. P.A.C: No P.A confirmation buy levels seen within the current market environment.

• Areas to watch for sell orders: P.O: No pending sell orders are seen in the current market environment. P.A.C: No P.A confirmation sell levels seen within the current market environment.
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