ICmarkets
Long

Looking for buys around the 1.2970/1.3000 area....

FX:USDCAD   U.S. Dollar/Canadian Dollar
132 0 4
Following the BoC’s decision to keep its interest rates at 0.50% the USD/CAD             plunged to new depths yesterday, breaking through H4 demand at 1.3076-1.3099 (now acting supply) and closing the day just ahead of the large psychological boundary 1.30.

The 1.30 number, as you can probably see, also brings together a collection of noteworthy supports. This includes a H4 50.0% Fibonacci support at 1.2979, a H4 trendline support taken from the low 1.2771 and a daily support line coming in at 1.2970. To our way of seeing things, this small thirty-pip zone (see yellow rectangle) marks a high-probability buy zone.

Our suggestions: Due to price currently trading from a strong daily supply zone at 1.3218-1.3086, entering long from our H4 buy zone (see above) without lower timeframe confirmation is not something our team would be comfortable taking part in. Therefore, should we manage to spot either an engulf of demand and subsequent retest, a trendline break/retest or simply a collection of selling wicks around a lower-timeframe resistance following a test of this H4 area, we’d jump in long from here, targeting H4 supply at 1.3076-1.3099.

We search for lower timeframe confirmation between the M15 the H1 timeframes, since most of our higher-timeframe areas begin with the H4. Stops are usually placed 5-10 pips beyond confirming structures.
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