ICmarkets

Higher prices to be seen on the Loonie?

FX:USDCAD   U.S. Dollar/Canadian Dollar
138 0 1
Weekly Timeframe: With the consumption of the weekly supply area recently seen at 1.10522-1.09996, we expected prices to at least touch base with the weekly Quasimodo resistance level at 1.11252 before selling was seen. It appears pro money may have already accumulated all the liquidity they needed to sell. The next area of interest for the sellers on this timeframe is likely around a weekly decision-point level at 1.08774.

Daily Timeframe: The close above weekly supply (levels above) caused the daily supply area at 1.10522-1.10133 to be consumed as well (which was at the time located deep within the weekly supply area mentioned above). With that being said, the decline in price is seen much clearer on this timeframe, and at the time of writing, buyers and sellers are seen battling it out within a daily decision-point area at 1.09327-1.09825, which could very well repel the market and encourage active buying. Alternatively, a break below here would suggest to us a drop in price down to the daily support flip level at 1.08227 (a little below the weekly decision-point level at 1.08774) may be seen.

4hr Timeframe: The sellers were in full force recently with over a 140 pip drop from the 4hr supply area at 1.11033-1.10872. The round number 1.1 was surprisingly ignored as the sellers smashed straight through the area, not even stopping to retest it before continuing lower to a notable 4hr demand area at 1.09329-1.09515. Our pending buy order placed just above this area at 1.09545 was also filled in the process. Our first take-profit target set for this long trade is just below the round number 1.1 at 1.09966, as we expect unfilled sell orders to be left there when price broke through this level. Be that as it may, we have a small 4hr decision-point level marked with a red circle at 1.09800 to contend with first, assuming price can break above this level, price is then very likely free to hit our first take-profit target mentioned above, but until then, unfortunately it’s back to sitting on our hands.

Pending orders/Price action confirmation levels:

• Areas to watch for buy orders: Pending orders: 1.09545 (Active) (Stop loss: 1.09277 Take profit level(s): 1.09966 ). Price action confirmation levels: No price action confirmation buy levels are seen in the current market environment.

• Areas to watch for sell orders: Pending orders: 1.11356 (Stop loss: 1.11746 Take profit levels(s): Dependent on how price approaches). Price action confirmation levels: No Price action confirmation sell levels are seen in the current market environment.

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