USD/CAD: Technical outlook and review.
Weekly Timeframe: The weekly timeframe shows that price is currently trading above the medium-term weekly high 1.12775. Ultimately, we would like to see the current weekly candle firmly close above this level, as this would likely confirm that higher prices may be seen up to around a weekly supply area coming in at 1.17225-1.15417.
Daily Timeframe: Price is currently holding above the high 1.13842 as support on the daily timeframe; this may in itself provide a nice base to go long from. However, at the same time we also have to be prepared for this level to break, and further selling to be seen down to test the more obvious medium-term weekly high 1.12775 as support. Let’s see what we can find on the 4hr timeframe.
4hr Timeframe: The 4hr timeframe is showing that price was unable to hold below 1.14, which resulted in the buy orders lurking just above the 4hr decision-point demand area (1.13387-1.13635) at 1.13671 (order has been changed to 1.13489 – see below) being left unfilled.
The low 1.13699 is a perfect level to be faked. Lots of traders on the lower timeframes will be watching this as an area/level to go long from, which pro money is surely aware of. What the majority of the lower timeframe traders do not do is take into account the higher timeframes, if they did, they would see the aforementioned 4hr decision-point demand area looming just below. So with this in mind, we feel that a hard push south will be seen today past both the round number 1.14 and the low just mentioned. From here the market will likely meet active buyers around 1.13489 (within the aforementioned 4hr decision-point demand area). This move will likely be fueled by the NFP announcement today, but this will of course be dependent on the results. We would also advise waiting for some confirmation on the lower timeframes before entering long there, as we mustn't forget that price could indeed continue lower to test the medium-term weekly high (1.12775) as support, which is nicely located around the 4hr decision-point demand area seen below at 1.12624-1.12873 (active buy orders are seen just above at 1.12916).
Buy/sell levels:
• Buy orders: 1.12916 (Predicative stop-loss orders seen at: 1.12534) 1.13489 [Tentative] (Predicative stop-loss orders seen at: 1.13314).
• Sell orders: N/A (Predicative stop-loss orders seen at: N/A).
Daily Timeframe: Price is currently holding above the high 1.13842 as support on the daily timeframe; this may in itself provide a nice base to go long from. However, at the same time we also have to be prepared for this level to break, and further selling to be seen down to test the more obvious medium-term weekly high 1.12775 as support. Let’s see what we can find on the 4hr timeframe.
4hr Timeframe: The 4hr timeframe is showing that price was unable to hold below 1.14, which resulted in the buy orders lurking just above the 4hr decision-point demand area (1.13387-1.13635) at 1.13671 (order has been changed to 1.13489 – see below) being left unfilled.
The low 1.13699 is a perfect level to be faked. Lots of traders on the lower timeframes will be watching this as an area/level to go long from, which pro money is surely aware of. What the majority of the lower timeframe traders do not do is take into account the higher timeframes, if they did, they would see the aforementioned 4hr decision-point demand area looming just below. So with this in mind, we feel that a hard push south will be seen today past both the round number 1.14 and the low just mentioned. From here the market will likely meet active buyers around 1.13489 (within the aforementioned 4hr decision-point demand area). This move will likely be fueled by the NFP announcement today, but this will of course be dependent on the results. We would also advise waiting for some confirmation on the lower timeframes before entering long there, as we mustn't forget that price could indeed continue lower to test the medium-term weekly high (1.12775) as support, which is nicely located around the 4hr decision-point demand area seen below at 1.12624-1.12873 (active buy orders are seen just above at 1.12916).
Buy/sell levels:
• Buy orders: 1.12916 (Predicative stop-loss orders seen at: 1.12534) 1.13489 [Tentative] (Predicative stop-loss orders seen at: 1.13314).
• Sell orders: N/A (Predicative stop-loss orders seen at: N/A).
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