USD/CAD: Technical outlook and review.

FX:USDCAD   U.S. Dollar / Canadian Dollar
24 0
4hr TF.

The higher-timeframe picture resembles the following:

• Weekly TF: A big close above the monster weekly supply area at 1.09592-1.08133 has recently been seen, likely clearing the path north towards weekly supply at 1.10522-1.09996. However at the moment, we are seeing some nice selling pressure back into the aforementioned weekly supply area, we see very little on this timeframe stopping price declining all the way down to weekly demand at 1.05715-1.07008.

• Daily TF: Buyers and sellers on this timeframe have been having a mini tug of war around daily supply at 1.09592-1.09156. Price was pushed north, then south, then once again north, when will this end? The path north up to daily supply at 1.10522-1.10133 appears to be relatively free of any major obstacles, so we shall be watching for a push north sometime soon, as this area is also neatly located around a small weekly supply area at 1.10522-1.09996.

The sellers have well and truly consumed the 4hr demand area at 1.09032-1.09104, which has stopped our current long position at1 .09136, we are not too fussed about this though, as we locked some profit in at the first take-profit level set at 1.09686.

Be prepared for price to drop relatively easy now, as to the left marked with a green trend line represents possible demand consumption, notice how the tails were sent down as price rallied higher, this is likely pro money consuming buy orders to push prices higher, but at the same time clearing the path south!

We are now watching the 4hr demand area at 1.08441-1.08650 as this is where the next fresh buy orders are likely sitting, our pending buy order is set within at 1.08544, the reason why we have set the buy order within is simply because we have chosen the base of the candle where the decision was made to break out north.

Pending/P.A confirmation orders:

• The pending buy order (Green line) set just above 4hr demand (1.09032-1.09104) at 1.09136 has been stopped out with a little profit locked in.
• New pending buy orders (Green line) are seen just above a 4hr demand area (1.08441-1.08650) at 1.08544. The reason we have set a pending buy order here is because the overall trend seems to be up, and this area remains fresh likely indicating unfilled buy orders are sitting here.
• No P.A confirmation buy orders (Red line) are seen in the current market environment.

• Pending sell orders (Green line) are seen just below 4hr supply (1.10388-1.10163) at 1.10133. A pending sell order has been set here simply because we expect the round number below at 1.1 to be faked above towards this area, hence a first-touch reaction is expected, since pro money will likely be selling to all those fader traders with their stops just above the round number, and this could very well push prices higher above the round number level right into the aforementioned 4hr supply area.
• No P.A confirmation sell orders (Red line) are seen in the current market environment.

• Areas to watch for buy orders: P.O: 1.08544 SL: 1.08365 TP: Dependent on how price approaches). P.A.C: No P.A confirmation buy orders seen within the current market environment.

• Areas to watch for sell orders: P.O: 1.10113 (SL: 1.10411 TP: Dependent on how price approaches) P.A.C: No P.A confirmation sell orders seen within the current market environment.

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